Oil rebounds on Middle East supply fears as West races to replenish depleted crude stockpiles

Brent crude jumped $1.59 to $110.38 on Wednesday morning, reversing Tuesday's brief peace-deal relief rally, with fresh Middle East supply worries driving prices higher and attention turning to the looming challenge of rebuilding Western oil reserves. At least 18 vessels have been attacked in two weeks, with Iran targeting tankers well beyond the Strait of Hormuz into the Gulf of Oman. The Houthis claimed strikes on a Saudi Aramco site in Yanbu and the Shaybah oilfield. Falling US crude stocks are adding fresh pressure.

A Qatar-Pakistan mediation plan briefly sent Brent tumbling on Tuesday before hopes faded.

President Donald Trump has paused attacks on Iran ahead of the November 3 midterms.

DBS energy chief Suvro Sarkar warned any deal is 'still very distant'.