May WTI Crude Oil futures experienced a dramatic intraday surge, reaching a high of 113.97 and tracking toward their highest closing price since June 2022. The sharp upward price action follows recent televised remarks from the president indicating that the U.S. military has nearly achieved its objectives in the Middle East, though no definitive timeline for ending the conflict was provided. The administration also suggested that nations reliant on Gulf energy might need to secure the Strait of Hormuz independently. Market participants are now closely monitoring the April 6 deadline, which marks the end of a recent five-day pause in negotiations. The outcome of this deadline—whether it holds, extends, or leads to further regional escalation—remains the primary driver for energy markets heading into the weekend.