Crude prices pulled back slightly after a solid run-up over the past few sessions. The dip comes as traders weigh two major wildcards: ongoing tensions around Ukraine and what the Fed might signal next.

Energy markets had been riding a wave of risk-on sentiment, but momentum's cooling off. Geopolitical uncertainty in Eastern Europe keeps everyone on edge—supply disruptions remain a real threat if things escalate. Meanwhile, all eyes are on the Federal Reserve. Any hawkish hints could strengthen the dollar and pressure commodity prices further.

It's that classic tug-of-war. Geopolitical risks push oil higher, but macro headwinds from central bank tightening pull it back down. For now, the market's caught in between, and volatility's likely to stick around as these narratives play out.