The $103 Stand-Off: Why the 70% Hormuz Traffic Bottleneck Is Defending Crude from a Crash

WTI Crude Oil (USOIL) is trading tightly at $103.54 per barrel as of May 20, 2026, logging a marginal -0.16% intraday dip on the daily chart. While the six-week-old conditional U.S.-Iran ceasefire has successfully dismantled the panic-driven premiums that saw oil spike toward $115 in March, a deep structural floor prevents a major breakdown.