Crude oil futures fell more than 3% in the pre-market session, extending steep losses from the previous day. The primary driver for the sell-off is renewed optimism surrounding diplomatic talks between Iran and Oman to reopen the Strait of Hormuz. [1, 2, 3, 5] This critical waterway is essential for global oil shipments, and its potential reopening is easing market fears of a significant supply disruption. [2, 10] The discussions are taking place amidst heightened economic pressure on Iran, contributing to expectations that a resolution may be sought to allow for the resumption of normal crude transit. [1, 4]