Oil prices have tallied steep losses so far this week, pulling back sharply from gains seen at the start of the Israel-Iran conflict less than two weeks ago.

U.S. crude oil inventories posted a fifth straight weekly decline, falling by 5.8 million barrels, compared to expectations for a drop of only 1.3 million barrels.

Financial markets have priced in an Iran-Israel ceasefire holding,” UBS’s Paul Donovan told clients this morning.

Oil futures tumbled again Tuesday on hopes that the shaky ceasefire between Israel and Iran would reduce if not eliminate the risk any significant disruption to global energy markets. Gasoline futures fell,

Oil prices tumbled by 5% on Tuesday after Israel agreed to a ceasefire with Iran after nearly two weeks of conflict. Brent crude, the international benchmark for oil prices, fell below $67 a barrel by the end of the day,

Oil prices were rebounding on Wednesday morning, following a sharp selloff over the past two sessions. Brent crude futures, the international benchmark gained 0.9% to trade at $66.74 a barrel, and West Texas Intermediate U.

"They're going to need money to put that country back into shape. We want to see that happen," Trump said at a news conference at the NATO Summit when asked if he was easing oil sanctions on Iran. Trump said a day earlier that China can continue to purchase Iranian oil after Israel and Iran agreed to a ceasefire,

Oil markets rose Tuesday after President Donald Trump permitted China to buy Iranian oil despite previous sanctions, with crude prices dropping amid reduced concerns about the Strait of Hormuz.