Crude Rebounds Amid Renewed Mideast Tensions

Crude oil futures saw a rebound on Wednesday after three days of sharp losses due to renewed Middle East tensions. The US and Iran traded fire, igniting fears that this conflict could disrupt global crude supplies.

The market had been under pressure since last Thursday's two-month highs when the Middle East Dubai crude benchmark slumped for a third consecutive day, taking combined losses to almost 20%.

However, Goldman Sachs has maintained its $80/b year-end outlook for Brent crude, but cautioned that recent attacks by Houthi militants present an additional risk to the market.