WTI crude futures fell over 3% on Tuesday, dropping back below the $90 mark, with Brent futures also declining. This downturn was primarily driven by four positive signals: Qatar announced that negotiations between Iran and the United States are still progressing, Saudi Arabia's critical East-West pipeline has restored about half of its oil transmission capacity, the International Energy Agency (IEA) stated its readiness to release more strategic reserves into the market, and the U.S. Department of Energy announced it would release up to 40 million additional barrels of crude oil from the Strategic Petroleum Reserve (SPR). Additionally, reports indicate that the Donald Trump administration is reportedly developing a new plan to promote a de-escalation of relations with Russia, which may involve easing sanctions against Russia. However, Brent spot prices remain at $120, and tight physical supply has not eased, indicating no fundamental change in market fundamentals. Geopolitical risks also persist, with Iran reportedly attacking a very large crude carrier (VLCC) in the Strait of Hormuz this Monday, and the Iranian Parliament Speaker reiterating the threat that "where we cannot sell oil, no one can sell oil."