Crude prices rebounded on Wednesday after Yemen's Iran-backed Houthi militants claimed they had struck a Saudi Arabian oil tanker in the Red Sea near Yanbu, a major port for Saudi crude oil exports. This reported strike rattled markets and appeared to sour hopes of a potential ceasefire deal in the Middle East. The rise follows oil prices ending about 6% lower on Tuesday amid hopes of a reopening of the Strait of Hormuz, a vital transit route, and after U.S. President Donald Trump called off a planned attack on Iran earlier in the week in favor of fresh negotiations.