WTI crude oil futures have fallen from near six-month highs as diplomatic efforts to ease tensions between the United States and Iran gain traction. Reports of Qatari mediators traveling to Tehran have sparked hopes of de-escalation, reducing the geopolitical risk premium that drove prices higher last week. This pullback occurs despite continued supply-side risks, including ongoing attacks by Iran-backed Houthi rebels on oil facilities in Saudi Arabia over the weekend, which are keeping the market on edge.