Why have oil prices been so volatile in the last few days?

In a way, oil has been moving both ways and the gyrations is due to two factors. On the one hand, Ukraine situation has worsened due to the attitude of Russia. On the other hand, there are the attempts to resurrect a nuclear deal with Iran. Brent did move up to $96/bbl and then trend lower to $92/bbl. Large crude buyers like South Korea have already initiated talks with Iran for oil supplies. Oil volatility may continue for some time to come.