It’s only Tuesday, and oil has fluctuated in a $109–$116 range so far this week (Bloomberg chart below).

The market is torn between the threat of a massive escalation in the Middle East War and the hope for a "circuit breaker" ceasefire negotiated via intermediaries.

While the US and Israel have increased the threat to wipe out Iran’s civilian infrastructure, Tehran remains defiant with its own counter-threats.

Ironically, this volatility could prove to be modest depending on what transpires in 12 hours.

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