Economy

WTI crude fell $3.71 after Trump canceled planned strikes and a draft reopening of the Strait of Hormuz emerged.

The decline from recent highs above $95 leaves the commodity well below a key threshold as the June 12 settlement approaches.

The May settlement closed a yearslong probe into Musk's delayed disclosure of his Twitter stake, an episode with broad market implications.

Spot price at Cushing dropped in late May after a week of declines, as the market awaits the official June settlement price.

No official count was published for the period, and no news surfaced of any unusual decrease in posting activity.

Futures data shows the benchmark contract traded no lower than $88 during the month, staying clear of the $85 level as geopolitical risks supported prices.

The Tesla chief's typical daily posting rate stands well below the elevated weekly tally under scrutiny.

A key technical breakdown in WTI futures suggests the decline has further room to run as the May contract expiration nears.

A court appearance late last month required Musk to address his own past statements, a development that coincided with reduced posting activity.

The ongoing blockade has disrupted global oil supplies, driving WTI crude to multi-year highs and fueling market uncertainty.

The president cited government duties and the Iran situation for skipping the ceremony on a private island with fewer than 50 guests.