U.S. crude oil rises 1% after steep selloff following Israel-Iran ceasefire

U.S. crude oil futures rose 1% on Wednesday, after the Iran-Israel ceasefire triggered a steep selloff earlier this week.

U.S. West Texas Intermediate

futures contracts rose 65 cents, or 1.01%, $65.02 per barrel by 9:00 a.m. ET. Global benchmark Brent

was last up 69 cents, or 1.03%, at $67.83 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.