WTI Rebounds to $95.88/bbl After 9.8% Plunge to $92.23 on US-Iran Deal Hopes

WTI crude futures rebounded $0.80 to $95.88/bbl late on May 6 after crashing 9.8% to settle at $92.23/bbl, driven by Axios reports of an imminent one-page US-Iran framework deal to pause conflict and reopen the Strait of Hormuz. Prices spiked 3.6% intraday to $107.28/bbl on May 4 amid Iranian attacks on UAE's Fujairah port, then eased 3.8% to $102.61/bbl on May 5 as ceasefire held, Trump paused Project Freedom escorts, and API showed an 8.1M bbl US draw. EIA reported a smaller-than-expected 2.3M bbl draw, while ~14.5M bpd curtailments linger; markets watch Iranian response and de-escalation risks.