Crude oil futures decline, market focuses on Iran situation.

Crude oil futures fell, with the market focusing on negotiations between the United States and Iran, which could potentially delay any US military action. The reason for the rise in oil prices this week to multi-month highs is mainly due to the US military buildup in the region, increasing the risk of a strike against Iran. Alex Hodes of StoneX stated in a report, "The market seems concerned that Iranian oil exports could be blocked, or Iran could threaten to close the Strait of Hormuz." He added that while a drop in exports would be a significant supply disruption, closing the strait seems like an "extremely unlikely scenario." West Texas Intermediate fell by 0.6% to $65.02 per barrel. The most actively traded Brent crude oil fell by 0.7% to $69.14.