Oil prices rallied following Israeli attacks on Iranian nuclear and military targets, but just as quickly reversed after the US bombed three of Iran's nuclear enrichment facilities. War premiums were mostly erased after US President Donald Trump said Israel and Iran agreed to a ceasefire.

Jeff Mower, director of Americas oil news, speaks about the price swings, US crude production growth, global shipping rates, and nuclear deal hopes with oil futures editor Chris van Moessner, policy editor Kate Winston and head of Americas freight markets Kristen Hays.

Links: US strikes may have dimmed the chance for an Iran nuclear deal, oil sanctions relief: experts (subscriber content)