U.S. crude oil trades below $65 after steep selloff following Israel-Iran ceasefire

U.S. crude oil futures rose slightly Wednesday, but remained below $65 per barrel after the Iran-Israel ceasefire triggered a steep selloff earlier this week.

U.S. West Texas Intermediate futures contracts rose 33 cents, or 0.51%, $64.70 per barrel. Global benchmark Brent was last up 36 cents, or 0.54%, at $67.50 per barrel.

Prices briefly jumped to five-month highs after the U.S. bombed three nuclear sites in Iran over the weekend. But futures rapidly sold off on Monday and Tuesday after Iran held back from targeting regional crude supplies, and President Donald Trump pushed Jerusalem and Tehran into a truce.

“With the announcement of a ceasefire [Monday], President Trump called time on the twelve-day Israel-Iran war after successfully executing an escalate to de-escalate strategy,” Helima Croft, head of global commodity strategy at RBC Capital Markets, told clients in a note Tuesday.