According to experts, the reason for this was that large shipping companies began to return to the Red Sea

WTI crude oil futures fell to $75 per barrel on Wednesday, giving back some of the gains from the previous session as major shipping companies began to return to the Red Sea despite ongoing attacks and geopolitical uncertainty in the Middle East. 

This is reported by Trading Economics.

Denmark's Maersk and France's CMA CGM said they were resuming passage through the Red Sea after the formation of a US-led maritime task force authorized to protect commercial vessels in the region. 

Meanwhile, oil prices jumped nearly 3% on Tuesday as slowing U.S. inflation bolstered bets that the Federal Reserve will start cutting interest rates next year, boosting global growth and energy demand. 

On Tuesday, an Israeli official also told the media that the war in Gaza will last "for many months," adding to fears of a deeper geopolitical conflict in the Middle East that could disrupt oil flows.