WTI Crude Dips to $91.70 as Trump Predicts Iran Deal by May 13

WTI crude extended declines to $91.70 (down 3.5%) and Brent to $97.95 (down 3.4%) on May 7 after President Trump forecasted a U.S.-Iran deal by May 13. The selloff ignited May 6 on reports of a potential memorandum, with WTI plunging ~9% to ~$93/bbl, hitting an intraday low of $88.66 before closing at $95.62 (down 6.5%). Eased Middle East tensions fueled equity records (Nasdaq +2.02%, S&P 500 +1.46%, Dow briefly >50,000) and boosted gold to $4,735/oz, pressuring the dollar.