-- Crude futures contracts gained roughly 1% on Wednesday rebounding from earlier losses as traders weighed the latest diplomatic signals from US about the Strait of Hormuz.
The front-month Murban crude contract added 0.8% at $101.73 per barrel. Brent futures contract was up 1% at $95.72/bbl.
"China is very happy that I am permanently opening the Strait of Hormuz," US President Donald Trump posted on Truth Social.
Energy markets have shown signs of stabilizing following a volatile period, as ANZ analysts noted that reports of a second round of US-Iran peace talks helped temper earlier spikes.
Sentiment was bolstered by reports that Iran may pause shipments to avoid naval confrontation, potentially clearing a path for renewed talks before the ceasefire deadline expires analysts said.
These discussions, aimed at extending the current ceasefire due to expire on April 22, are expected to take place in Islamabad over the coming days.
Market sentiment was buoyed by comments from Trump, who stated in a Fox Business interview that the war is "very close to being over," SEB analysts said.
The president highlighted these remarks on Truth Social, which SEB analysts suggested has led markets to price in a potential de-escalation.
Saxo Bank analysts observed that Brent falling below the $100 threshold reflects growing optimism.