WTI Crude Falls Below $92.50 on Renewed US-Iran Ceasefire Hopes

WTI crude retreated below $92.50 on May 9 as resumed indirect US-Iran talks boosted ceasefire optimism, trimming the geopolitical risk premium despite ongoing strikes and a stronger dollar. Prices plunged 4% on May 5 and 6.6% to $95.50 on May 6 amid de-escalation hopes, Saudi June OSP cuts, and a smaller-than-expected EIA crude draw of 2.3M barrels. May 7 brought wild swings from sub-$90 lows to $97.50 highs on US-Iran Hormuz fire exchanges and +115,000 US payrolls, before May 8's settlement up 61 cents at $95.42 following US tanker strikes, Iran UAE attacks, and ~14.5M bpd Persian Gulf curtailments.