The Hook

Crude oil just posted its worst single-day collapse in 35 years.

WTI crude plunged 17.7% to $92.96 per barrel on April 7 after the United States and Iran announced a two-week ceasefire agreement — the first diplomatic breakthrough since tensions erupted in January 2026. Brent crude mirrored the move, crashing 17.6% to $91.71. Both benchmarks recorded their steepest one-day decline since January 17, 1991, the day coalition forces launched Operation Desert Storm.

The shockwave didn’t stop at energy markets. Bitcoin surged to an intraday high of $72,825 before settling at $71,587 — up over 5% on the week — as nearly $600 million in crypto short positions were liquidated within hours. Ethereum climbed 7.4% to $2,273. Global…