WTI crude oil futures fell for a third consecutive session, crossing the -2% alert threshold, as signs of easing tensions between the United States and Iran reduced the geopolitical risk premium in the market. The U.S. has paused its recent airstrikes against Iran, and President Trump has mentioned that "good talks" are underway, raising hopes for a diplomatic resolution. This de-escalation is currently outweighing concerns about ongoing physical supply disruptions in the Strait of Hormuz, leading to a significant pullback in prices from recent highs.