WTI Crude Oil futures fall below triple digits as tensions ease. 5/7/26

June WTI Crude Oil futures experienced a significant pullback, dropping below triple digits for the first time since late April and shedding over 17% from their mid-April highs. The energy complex is reacting heavily to geopolitical developments, specifically a newly proposed U.S. diplomatic framework aimed at ending the conflict in Iran and reopening the Strait of Hormuz. In response, naval escort operations through the strait have been paused while the proposal is reviewed. On the fundamental side, the latest EIA report showed a 2.3 million barrel draw in U.S. commercial crude inventories alongside a four-week high in refinery utilization. Meanwhile, OPEC+ approved a modest 188,000 barrel per day quota increase for June, though market focus remains primarily on the closed strait and upcoming OPEC data. Learn more about trading futures and options at CME Group: https://www.cmegroup.com/markets/energy.html #CrudeOil #EnergyMarkets #WTI