WTI Crude Oil futures experienced heavy selling pressure, falling nearly 8% to trade around $96.30. The sharp drop comes after prices hit a five-and-a-half-month high in the previous session. The primary driver of the selloff was reported diplomatic progress between the U.S. and Iran, which helped reduce the risk premium in the crude market. The broader energy sector also faced downward pressure, with Natural Gas futures and RBOB gasoline joining the decline as prices fell across the board.