Crude oil markets have experienced extreme volatility over the past 30 days, driven primarily by geopolitical tensions surrounding the Strait of Hormuz, which transits approximately 21 percent of global petroleum supply. The dominant narrative swung between supply-risk premiums and de-escalation relief, creating a bearish bias overall despite intermittent bullish catalysts. Key catalysts included Iran's threatened closure of the Hormuz strait, conditional upon Lebanon ceasefire resolution and additional oil waivers, which initially pressured prices upward. However, subsequent de-escalation signals—including Trump's statement that military action against Kharg Island was off the table and the strait's reopening—combined with U.S. authorization of Iranian oil sales to create sustained downward pressure on crude futures. The sector context reflects investor risk-off positioning as increased global supply and reduced geopolitical tail risks overwhelmed traditional bullish energy narratives. Forward-looking implications suggest crude remains vulnerable to further downside unless Middle Eastern tensions reignite materially, with energy equities likely to remain pressured given the bearish fundamental backdrop.