March WTI Crude Oil futures reversed early gains to close lower.

March WTI Crude Oil futures finished the session negative after giving back early gains. The market reacted to news of Iran conducting military drills in the Strait of Hormuz while simultaneously engaging in indirect nuclear program negotiations with the U.S. Traders weighed the geopolitical friction against the potential for diplomatic progress. Additionally, the U.S. Dollar showed signs of stabilizing, creating a headwind for dollar-denominated commodities like crude oil as currency strength impacts foreign buyer demand.