WTI crude oil futures pulled back below $75 per barrel on Wednesday after a three-day rally of nearly 14% that had pushed prices to a more than one-year high, driven by concerns over the Middle East conflict disrupting global energy flows. Gains eased following reports that Iranian intelligence officials had indirectly contacted the US via another country’s spy agency to discuss terms for ending the conflict, raising hopes of a potential de-escalation. The crisis has already forced major producers to halt output and severely limited traffic through the Strait of Hormuz. US President Donald Trump said the US International Development Finance Corporation would provide insurance for vessels and naval escorts if needed to secure energy shipments. Meanwhile, Saudi Arabia reported an attempted attack on its Ras Tanura refinery and confirmed plans to divert supplies to the Red Sea to maintain operations, keeping markets focused on regional infrastructure risks.
