A new role for the SPR. It wasn’t designed for that. By Wolf Richter for WOLF STREET. Crude oil prices continued their plunge after a memorandum of understanding was agreed to between the US and Iran over the weekend. Both sides said that the Strait of Hormuz would reopen as soon as the MOU is signed. Futures for the benchmark grade West Texas Intermedia (WTI) fell by nearly 5% today to about $80 ...