WTI Crude Oil futures experienced a significant two-day drop, falling over 10% and looking to close at their lowest level since July 10. The sell-off was largely driven by an unwinding of the war premium as Middle East tensions eased. Reports indicated that planned strikes on Iran were called off and de-escalation was urged, though some supply risk remains uncertain. On the demand side, U.S. crude exports dropped to 3.66 million barrels per day in July, pointing to softer overseas demand. Market participants are now closely watching upcoming API and EIA inventory reports to gauge domestic supply levels.