WTI crude oil futures have dropped as the market reacts to reports that the United States is considering easing sanctions on a 'shadow fleet' of oil tankers. This move could increase the global supply of crude oil available for transport, potentially lowering high freight costs and, in turn, the price of oil. Adding to the downward pressure is the International Energy Agency's (IEA) agreement to release more diesel and other oil from emergency reserves to boost supplies. These supply-side factors are currently outweighing the geopolitical risk premium from ongoing Middle East tensions.