WTI Crude Oil futures fell despite huge EIA draw.

WTI Crude Oil futures experienced significant intraday volatility, opening with a gap lower before tumbling 7.44% to hit a session low of $89.41. Prices later recovered to close down 2.89% near $94.70. The market decline developed alongside peace talk optimism as participants priced in a potential diplomatic framework to reopen the Strait of Hormuz, which reportedly involves a two-month ceasefire extension and the U.S. lifting its blockade. However, key details regarding maritime authority and Iran's nuclear program remain unresolved, keeping actual supply disruptions active. Providing fundamental support, the latest weekly EIA report revealed a substantial crude stock draw of 7.863 million barrels, far exceeding the projected 2.5 million barrel draw. This represents the third consecutive week of major inventory declines, while the IEA reported on-land crude stocks dropped by 170 million barrels in April.