Market diagnosis: The global crude oil market remains in a war-driven structural deficit — Strait of Hormuz closure since February 28, 10+ mb/d Gulf output offline. WTI crude at $84.88/bbl reflects demand destruction (-420 kb/d yoy) and long liquidation from elevated levels, not a fundamental easing. The deficit is still ~1.8 mb/d. This report provides procurement-specific guidance with quantified scenario analysis and forward contract recommendations.