WTI Crude Oil futures experienced significant downward pressure, falling approximately 3.5% and trading below the 70 handle to reach their lowest levels since early March. This move extends a recent downward trend, with prices declining in four of the last five sessions and shedding nearly 25% from the intra-month high established on June 8. Two primary factors are driving this market relief. First, shipping activity and export volumes through the critical Strait of Hormuz continue to ramp up, easing immediate supply anxieties. Second, ongoing Middle East ceasefire negotiations are progressing positively, further reducing the geopolitical risk premium embedded in crude prices. As the market staircases lower, these combined supply and geopolitical developments have brought crude down to a fresh three-month low.