WTI Drops 2.83% to $102.10 as TSX Opens Lower on Enduring Hormuz Disruption Fears

Canada’s TSX opened 0.18% lower at 33,903.21 on May 1, 2026, as WTI crude fell 2.83% to $102.10/bbl and Brent slipped 1.25% to $109.02/bbl from four-year highs, driven by persistent Iran tensions disrupting Strait of Hormuz shipping. The volatility erupted on March 3 with Middle East conflict escalation surging WTI over 8% to an 8.5-month high, spiking further 8.5% to $81.01/bbl on March 5—triggering Dow plunges of 1.6%, 10-year yields to 4.145%, and VIX jumps. Prices peaked near $120/bbl on March 9 amid Yardeni’s recession odds hike to 35%, before crashing ~9% intraday on March 10 to $102.50 in a two-month geopolitical rollercoaster.