Oil dipped in a volatile session as the US waited on Iran’s response to its proposal to end the war and reopen the vital Strait of Hormuz. West Texas Intermediate crude futures briefly dipped as much as 5.5% to trade below $90 a barrel before paring most losses amid signs that Iran continues to assert its control of the crucial oil and natural gas transit route. Prices slumped 8% on Wednesday with renewed hope that the conflict, which has sparked a global energy crisis, might soon come to an end. We get reaction from Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence.