WTI crude oil futures dropped over 2% in pre-market trading as renewed diplomatic efforts between the United States and Iran eased fears of a wider conflict that could disrupt Middle East oil supplies. Reports of a potential revival of peace negotiations, including a letter from U.S. Vice President JD Vance to an Iranian official and mediation efforts by Qatar, overshadowed concerns about ongoing Houthi attacks on Saudi infrastructure. The pullback follows a significant rally in the previous session.