June WTI Crude Oil futures experienced a significant sell-off, breaking below the $100 psychological level to reach a new one-month low. The downturn was driven by a shift in the geopolitical landscape as the White House signaled progress on a memorandum of understanding with Iran. This potential resolution, combined with ship owners re-entering the Strait of Hormuz, has begun to unwind the war premium that supported prices over the last two months. Despite the price drop, EIA data provided a bullish inventory counter-narrative. Crude oil saw a draw of 2.313 million barrels, while gasoline stocks fell for the fourth straight week to 219 million barrels—well below the five-year average. Meanwhile, Natural Gas futures traded lower ahead of an expected storage build of 72 billion cubic feet.