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WTI crude oil futures fell back below $75 per barrel on Wednesday after a three-day rally of nearly 14% that had lifted prices to their highest level in more than a year, fueled by worries that the Middle East conflict could disrupt global energy supplies. The upward momentum slowed after reports that Iranian intelligence officials had indirectly reached out to the United States through a third-country intelligence agency to discuss conditions for ending the conflict, raising hopes for a potential de-escalation.
The crisis has already forced major producers to suspend some output and sharply curtailed traffic through the Strait of Hormuz. US President Donald Trump stated that the US International Development Finance Corporation would provide insurance for vessels and arrange naval escorts if necessary to safeguard energy shipments.
At the same time, Saudi Arabia reported an attempted attack on its Ras Tanura refinery and confirmed plans to reroute supplies via the Red Sea to sustain operations, keeping markets focused on ongoing risks to critical regional energy infrastructure.
