US Crude Oil Futures Settle 3% Lower at $89.38 per Barrel

US Crude Oil Futures: US crude oil futures are exchange-traded contracts based on West Texas Intermediate, a major benchmark for North American oil pricing. They are relevant here because the contract settled sharply lower, reflecting reduced near-term concern about Middle East supply disruptions and increased expectations of potential diplomatic progress between the United States and Iran. Volatility: US crude futures had risen sharply earlier in the month as conflict-related threats to shipping and regional production increased, making the latest decline part of a highly volatile market reversal. Supply risk: Saudi Arabia's East-West pipeline has begun resuming operations at reduced capacity after attack-related disruptions, contributing to expectations that supply losses may be contained. Market drivers: Recent oil-market declines have been linked to hopes for a US-Iran truce and possible easing of disruptions affecting Middle Eastern crude flows.