WTI crude oil futures fell over 2% as investors locked in profits following a more than 5% gain over the past two weeks. The market had previously priced in a significant risk premium related to anticipated new U.S. sanctions against Iran, which are expected to be formally announced today. This "buy the rumor, sell the news" event is a classic market reaction where the price adjusts downward on the confirmation of news that had already been factored into the price during the preceding rally.