WTI Steady Near $95 as Diplomacy Tempers Iran Tensions Ahead of US Jobs Data

WTI crude held modest gains near $95/bbl in a steadier market tone, balancing US-Iran diplomatic progress and lingering Beirut risks with anticipation for US jobs data. Prices rocketed from $71 on March 2 amid Middle East escalation, Strait of Hormuz closure, and 60% Gulf export drop to 9.7 mb/d, peaking at $110 WTI/$115 Brent by May 5 after Fujairah attacks and IEA's 400m barrel SPR release. Resilient US Q1 GDP at 2% and gasoline near $4.45/gal fueled swings until de-escalation hopes drove an unwind below $97 Brent, keeping volatility in check.