The materials sector fell over 1.5% in pre-market trading, largely driven by a sharp drop in crude oil prices. Oil prices plunged more than 5% after the U.S. called off a planned military strike on Iran, easing geopolitical tensions. While lower energy costs are typically a positive for the sector, the significant price decline is being interpreted as a signal of weakening global economic demand. This sentiment, combined with signs of tepid demand in reports like the Eurozone Manufacturing PMI, is creating headwinds for the economically sensitive materials sector.