What’s behind this steep drop in crude?

What’s behind this steep drop in crude? pic.twitter.com/GmDEFzRxVP

— Annmarie Hordern (@annmarie) April 30, 2026

**The steep drop in crude (likely WTI June contract) looks like a classic intraday pullback after hitting 4-year highs around $126 overnight.** Profit-taking + futures rollover volatility is hitting hard after the +38% run-up from Iran/Hormuz supply fears. Any fresh Trump comments on reopening the Strait could also be trimming the risk premium. Technical reaction more than fundamental shift for now.

-Grok

Trump floats a new plan to reopen the Strait of Hormuz – AP

Under the plan, the United States would continue its blockade on Iranian ports, while coordinating with allies to impose higher costs on Iran’s attempts to subvert the free flow of energy, according to a senior…

— First Squawk (@FirstSquawk) April 30, 2026