WTI Crude Oil futures fell 11% as Strait of Hormuz agreement loomed.

WTI Crude Oil futures experienced heavy selling pressure, trading down approximately 11% and hovering around the $84 mark after bouncing off an intraday low of 80.59 for the May contract. The primary catalyst driving the global crude market lower was news of a tentative agreement to reopen shipping and traffic through the Strait of Hormuz. This geopolitical development accelerated a downward trend that has seen prices staircasing lower for the better part of two weeks, marking eight consecutive sessions of selling pressure. Traders are also actively rolling positions from the May contract into the June contract, which is now the more actively traded month. The session's decline pushed prices to their lowest levels since mid-March, reflecting broader weakness across global crude pricing benchmarks.