As concerns about supply disruptions continue to ease, oil prices fall.

With the continued easing of concerns about disruptions in the Middle East supply, oil prices fell in early trading. Analysts at Citigroup Investment Research said in a research report, "Although the US-Iran process remains fragile and the dispute over managing and transit fees in the Strait of Hormuz continues, we expect the memorandum of understanding to remain effective and to be converted into an agreement in the coming months." The analysts added, "Shipping through the strait is returning to normal." The Strait of Hormuz is a critical waterway through which one-fifth of the world's oil is typically transported. In recent months, West Texas Intermediate crude futures fell 0.3% to $68.46 per barrel.