• Oil sank as broad risk-off sentiment undercut concerns about escalating conflict in the Red Sea.
• West Texas Intermediate swung in more than a $3 range to settle near $70 a barrel after a retreat in equity markets dragged on commodities. Volumes have remained thin after the holiday season, leading to exacerbated price movements.
• Crude rallied earlier after Iran deployed a warship to the Red Sea, the latest flashpoint in the Middle East conflict. Attacks on merchant shipping in the key transit corridor have led to the re-routing of everything from container ships to gas carriers.