Originally posted by Origami Gangsta:

Turns out Bush was right.. God IS on our side.

Crude-oil futures declined Tuesday, as Tropical Cyclone Gonu weakened off the coast of Oman and moved toward Iran without causing a major supply disruption in the Persian Gulf.

July crude on the New York Mercantile Exchange slipped 45 cents to $65.76 a barrel. July Brent on ICE Futures slipped five cents to $70.35 a barrel.

Gonu was forecast to weaken further over the next 12 to 24 hours as it moves across the strategic Strait of Hormuz in the Persian Gulf and makes landfall in southeastern Iran late Wednesday, according to an advisory issued at 9 a.m. GMT by the U.S. military's Joint Typhoon Warning Center.

Ahead of the storm, Oman, a minor Persian Gulf oil producer, shut down its only oil terminal as a precaution, but the country's oil minister said that any disruption to oil and gas production could last only 24 to 48 hours, easing fears of a larger supply disruption.

"Looks like it's not going to affect supplies," said Mike Cambria, vice president of floor brokers PNDR Energy in New York. "Obviously, it had an effect on prices yesterday, but it's not having an effect today. People are not worried."