U.S. West Texas Intermediate crude oil plummeted Wednesday morning as markets reacted to escalating tensions with Iran. WTI crude for May delivery crashed $4.45, or 3.94%, to $108.50 per barrel.
The sharp decline comes roughly two hours before President Donald Trump's deadline for Iran to reopen the Strait of Hormuz, a critical global oil shipping route. Market volatility intensified as geopolitical tensions reached a boiling point.
Energy traders closely monitored the situation as Middle East instability threatens to disrupt global oil supplies. The price drop reflects investor anxiety over potential supply chain disruptions.