Institution: As progress is made towards reaching agreements between the United States, Iran, and North Korea, crude oil futures fell.

Crude oil futures fell due to optimism about a possible agreement between the US and Iran, which could potentially reopen the Strait of Hormuz for oil tanker transportation, but the market remains cautious. Ahmad Assiri of Pepperstone stated in a report: "Although both sides are still openly contradicting each other on basic facts, there is still a long way to go to reach a binding agreement." The main concern for the energy market is the uncertainty surrounding the strait. "A verified agreement would bring significant downside potential for crude oil; a breakdown in negotiations or simply a long-standing stalemate would firmly embed geopolitical risk premiums." West Texas Intermediate fell 5.1% to $91.67 per barrel. Brent crude fell 4.9% to $98.46 per barrel.