Crude oil futures jumped more than 6% Wednesday morning after new Iranian and U.S. strikes ended a four-day truce which had revived hopes for a diplomatic resolution to the war.

Crude futures extended their decline for a third consecutive session Tuesday on sustained diplomatic headlines, though oil markets pulled back from session lows as friction between Iran and Oman raised fresh questions over regional transit control.

Oil and product futures were mixed Tuesday morning, with crude prices easing for a third consecutive trading day on revived peace talk optimism as the pause in fighting between the U.S. and Iran entered its fourth day.

Crude futures tumbled their most in a day since late May on swift long liquidation Monday, as a pause in U.S.-Iran fighting reignited ceasefire hopes.

Crude oil futures tumbled more than 6% Monday morning after the U.S. on late Friday halted attacks on Iran after a 13-day bombing campaign.

Oil and product futures slid Friday as energy futures markets responded to the latest import tariffs by the Trump administration that could crimp global trade.

Oil and product futures retreated from recent highs Friday morning as the reimposition of U.S. tariffs fanned demand woes, but were still on track for sizable weekly increases.