WTI crude oil futures have dropped over 2% in the pre-market session as reports of a proposed 10-day ceasefire between the United States and Iran have eased market fears of a wider conflict that could disrupt global oil supplies. This potential de-escalation in Middle Eastern tensions has overshadowed ongoing concerns about Houthi threats to blockade Saudi Arabian shipping routes. The decline follows a recent rally to one-month highs, indicating that geopolitical risk premiums are being repriced.