Political tumult in Saudi Arabia and a flare-up in tensions between the kingdom and Iran boosted prices this week, as traders and investors became concerned about volatility in the region. But as the week ended without major new developments, oil markets began to calm, said John Kilduff, founding partner at Again Capital. “A lot of anxieties about Saudi Arabia have eased for now,” Mr. Kilduff said. “Oil was bought up on very high fears about instability in the region that haven’t come to fruition yet.” Saudi Arabia has detained 201 individuals including princes, businessmen and government officials after a three-year investigation estimated $100 billion of state funds had been embezzled. The actions helped push oil prices to more than two-year highs this week. “If in such an important oil nation something happens which you didn’t expect at all, you start to price in a risk premium,” said Giovanni Staunovo, […]