It seems that the bulls are returning to the Stone Age again, with WTI crude oil falling as much as 13%.

This level of sharp decline hasn't been seen in a long time.
Last night at 11 p.m., the Brent crude June contract was still at $111.00, but it has now dropped to around $95, which is roughly 650 yuan in the domestic market.
In just one night, a decline of over ten dollars has crushed the confidence of the bulls.
Once the news reverses, the panic selling and stop-loss cascades will amplify the decline.
Plus, with poor liquidity in the early trading session, a few large orders can break through the price levels.
But I want to remind everyone that the supply gap caused by a month-long Strait blockade and downstream delays in replenishment are real.
A two-week ceasefire doesn’t mean oil can be shipped immediately, nor does it mean refineries can restart right away, let alone that damaged facilities can be repaired instantly.
The contradictions in chemical products won’t be resolved immediately just because the Strait is unblocked.
The current market logic is to first beat expectations, eliminate all geopolitical premiums, and then price other factors afterward.