Oil prices just had a wild ride: Brent crude dropped below $90 for the first time since August, but quickly steadied around $92.
The quick rebound happened after President Trump suggested the US might pause further strikes on Iran, calming some market nerves and easing fears of a bigger conflict.
Traders pull back on oil bets
Even with political pressure at home, Trump hinted at dialing down tensions, while Iran is holding out for lifted sanctions and open seas before talking peace.
Meanwhile, oil shipments from West Asia are nearly back to normal despite ongoing attacks near the Strait of Hormuz.
Traders have also pulled back on big bets in oil markets as everyone waits to see if recent U.S.-Iran talks in Abu Dhabi can actually lead somewhere, though global energy markets are still feeling the effects of other conflicts like Ukraine-Russia.