WTI crude oil futures have fallen more than 2.6% as renewed diplomatic efforts between the U.S. and Iran are easing fears of a wider conflict that could disrupt Middle East supplies. Reports that U.S. Vice President JD Vance has contacted Iranian officials to restart peace negotiations, along with a new draft agreement proposed by Qatari mediators, are pressuring crude prices. This has reduced the geopolitical risk premium that had recently driven prices higher.