Oil is swinging up and down as traders bet on calmer conditions in the Persian Gulf, which is mildly good news for drivers but leaves shipping risks unresolved.

• Saudi oil is moving freely through the Strait of Hormuz again and the kingdom's east-west pipeline is back in service.
• Iran-backed Houthi rebels are fighting Saudi-backed Yemeni troops, and the winner could control shipping at the mouth of the Red Sea.
• The Houthis bombed two Saudi airfields and fired a ballistic missile that the Saudis shot down.
• The Dow gave back more than it gained the day before, erasing a strong session.
• A federal appeals court paused an order forcing the VA to restore its union contract while the agency appeals.

Outlook: Oil prices should stay choppy as long as the fight for the Red Sea entrance is undecided.