WTI crude oil futures have fallen sharply, extending a multi-day decline, due to a combination of factors that have eased concerns about supply disruptions from the Middle East. Reports indicate that Saudi Arabia has restarted a key oil pipeline, and Iraq is also increasing its crude exports, boosting near-term supply expectations. Adding to the downward pressure are hopes for a diplomatic breakthrough in talks between the United States and Iran at the United Nations, which has reduced the geopolitical risk premium in the market.