Oil: WTI May down 12% to $83.85; Brent June down 9% to $90.38

Following Iran's Hormuz announcement, WTI May futures plunged approximately 12% to $83.85/barrel, and Brent June fell 9% to $90.38. The volatile trading range—from $70 to $119 during the conflict—has compressed to the $90 zone.