"Geopolitical Uncertainty Sparks Rollercoaster Ride in Oil Prices"

Oil prices have been fluctuating due to escalating tensions between Israel and Iran, with Brent initially surpassing $90 per barrel before falling back to $86 following Tehran's dismissal of the impact of Israeli strikes. The US has allowed its waiver for Venezuela to trade crude to expire and is targeting China's purchases of Iranian oil, while the UAE's sovereign fund is considering a takeover bid for a Spanish energy firm. Additionally, the White House is considering releasing strategic petroleum stocks, Kazakhstan is seeking $150 billion from oil majors, and the US is imposing new offshore decommissioning rules.