Crude oil futures settled lower Tuesday in volatile U.S. Election Day trading as market participants trimmed risk exposure despite renewed Gulf tensions after a U.S. strike on Iran's Qeshm Island.

Crude oil futures fell again Tuesday, reversing early gains, as caution over the outcome of the U.S. midterm election offset fresh geopolitical tensions in the Gulf after a U.S. military strike on Iran's Qeshm Island.

Crude oil futures tumbled 6% Monday morning as talks between Iranian negotiators and Qatari mediators sparked hopes for a diplomatic deal to halt the U.S.-Israeli military campaign against Iran, easing immediate risk premiums across the energy complex.

Crude futures settled up for a fourth consecutive week Friday, finishing October up 15%, amid heightened maritime attacks in the Strait of Hormuz as the world braced for a major military re-escalation in the U.S.-Iran conflict.

Oil prices rose Friday morning after a tanker was struck in the Strait of Hormuz and market participants weighed the growing likelihood of a reescalation in the U.S.-Iran war following next week's U.S. elections.

Oil prices edged lower Thursday, remaining above the key $100 bbl level, as traders awaited the outcome of diplomatic overtures between Washington and Tehran while acknowledging the addition of European fuel reserves to the market.

Oil prices eased Thursday morning as traders assessed the latest diplomatic push for a temporary peace deal between the U.S. and Iran.