Oil prices fell nearly 1 percent Thursday after being up over 4 percent on the first trading day of the new quarter.
The volatility can be partially attributed to a strain on U.S.-Russia relations over the Syrian war, a strain caused by fundamental disagreement in the Middle East.
"Everyone agrees that ISIS is a regional threat with global implications," said Alex Kliment, director of Eurasia and emerging markets strategy at the Eurasia Group. "But what they disagree on, is how to deal with that."
Kliment told CNBC's "Closing Bell" that the U.S. wants to combat ISIS in the Middle East by weakening and removing Syrian president Bashar Assad. Russia, who is conducting airstrikes in Syria, claims strengthening and securing the president will help the country focus on dealing with the terror group.