WTI crude oil prices declined, pulling back from a strong weekly rally that pushed prices above $100. The drop is attributed to profit-taking after a more than 10% gain this week. Additionally, reports of potential diplomatic talks to secure safe passage for ships through the Strait of Hormuz are easing fears of immediate, severe supply disruptions that had previously driven prices higher. This allowed traders to reassess the geopolitical risk premium, leading to a sell-off.