WTI crude oil futures have dropped over 2% in the pre-market session following reports that the United States is considering lifting sanctions on a 'shadow fleet' of tankers that transport oil from countries like Iran and Russia. This move is aimed at increasing the global availability of oil tankers to help reduce record-high freight rates, which would lower the cost of transporting crude. This potential increase in oil supply is outweighing concerns about ongoing Middle East tensions, which had previously supported prices. The International Energy Agency's plan to release additional emergency fuel reserves is also contributing to the downward pressure on prices.