Crude oil and gasoline prices gave up an overnight advance and settled lower on Thursday in hopes of a diplomatic solution to the US-Iran war. Crude prices also fell on signs of increased oil tanker traffic through the Strait of Hormuz. Crude prices initially moved higher on Thursday after the dollar index ($DXY) dropped to a 6-week low. Robust crude supplies in China may reduce Chinese crude purchases in the near term, a bearish factor for oil prices. Crude prices also have support as Ukraine intensifies drone attacks on Russian oil infrastructure.