Crude futures were down around midday Thursday following the previous session's sharp rally as traders continued to monitor developments in the Middle East.

Crude futures fell midday Monday after the U.S. paused plans to escalate military action against Iran, easing concerns over potential supply disruptions.

Brent crude futures were down $1.29, or 1.42%, at $89.45 a barrel. U.S. West Texas Intermediate (WTI) crude slipped 56 cents, or 0.66%, to $83.90 a barrel.