WLDOIL Plunges 3.2% to $74.20 Low on Iran's Surprise US-Iran Talks Proposal

WLDOIL futures tumbled more than 3% to $74.20 on May 1 after Iran's proposal revived hopes for US-Iran talks, potentially unlocking 1.5M bpd Iranian supply and easing the US naval blockade restricting 13-14.5M bpd through the Strait of Hormuz. Prices had surged over 25% from mid-April lows near $91 to peaks above $111 WTI/$126 Brent amid stalled diplomacy, UAE's OPEC exit, and US crude inventory draws of 1.79M bbl. Extreme April volatility featured a 17% drop on April 8 ceasefire news, followed by rallies on breakdowns; Goldman Sachs raised year-end forecasts to $83 WTI/$90 Brent on supply risks.