WLDOIL Whipsaws: Brent Plunges to $96 on US-Iran Flare-Up, Rebounds Near $103

WLDOIL prices exhibited extreme intraday volatility on May 8, with Brent crude plunging to around $96 before rebounding above $100 and briefly nearing $103 amid a fresh US-Iran geopolitical flare-up. Since the late-February conflict erupted, prices have rocketed nearly 90% from ~$73/bbl to an April 30 peak above $126/bbl, driven by Iran's Strait of Hormuz blockade (~20M bpd or 20% of global flows), UAE's OPEC exit, stalled US-Iran talks, and persistent supply shocks. May 6 peace deal hopes (Axios: nearing 14-point agreement) pushed prices below $100, but Trump's bombing warnings triggered rebounds; military escorts briefly eased fears to $104.88/bbl on May 5 before latest swings amid recession risks.