May WTI Crude Oil futures experienced significant volatility, pulling back sharply after hitting a session high of 106.86—the highest front-month price since July 2022. The market reversed following unconfirmed afternoon reports suggesting a potential negotiated ceasefire in the ongoing conflict involving Iran. This news pressured crude lower by 3.17% off its peak, despite morning statements from the U.S. Defense Secretary indicating operations would continue until a complete deal is reached. Looking ahead, the April 6 deadline for reopening the Strait of Hormuz continues to loom over the market. Without confirmed reports of the waterway reopening or an official agreement, WTI Crude Oil futures are expected to maintain their recent higher trading range.