Natural Gas and Oil Forecast: Oil Crashes 16% as Ceasefire Ends Hormuz Supply Risk

WTI crude plunged to $96, marking roughly a 16% sell-off after a two-week ceasefire reopened tanker traffic in the Strait of Hormuz. The drop now tests the $92 trendline support, increasing downside risk and short-term volatility for energy-focused assets and commodity traders.

Analysis

WTI crude plunged to $96, marking roughly a 16% sell-off after a two-week ceasefire reopened tanker traffic in the Strait of Hormuz. The drop now tests the $92 trendline support, increasing downside risk and short-term volatility for energy-focused assets and commodity traders.