Crude Oil Prices Plummet as the Strait of Hormuz Reopens

May WTI crude fell $10.84, or 11.45%, to a 5-week low, while May RBOB gasoline dropped 15.89 cents, or 5.02%, to a 1-week low. The sharp selloff points to a significant deterioration in near-term energy market sentiment and is likely to pressure the broader energy complex.

Analysis

May WTI crude fell $10.84, or 11.45%, to a 5-week low, while May RBOB gasoline dropped 15.89 cents, or 5.02%, to a 1-week low. The sharp selloff points to a significant deterioration in near-term energy market sentiment and is likely to pressure the broader energy complex.