WTI crude oil futures are retreating from multi-month highs as investors take profits following a sharp weekly rally of over 10%. The initial surge was driven by escalating U.S.-Iran tensions and supply disruption fears in the Middle East. Today's downward move is being attributed to a report suggesting Middle East foreign ministers are working on a temporary deal with Iran to manage shipping through the Strait of Hormuz, which has eased some supply concerns. A stronger U.S. dollar and signs of weaker demand from recent inventory data are also contributing to the selling pressure.