🛢️ Global Oil Geopolitical Dynamics and Price Stability **Market Overview** Oil prices demonstrated minimal movement, with geopolitical factors providing an offsetting dynamic between easing supply disruption fears and sustained regional risk. Brent crude traded at **\$64.18** a barrel, while U.S. West Texas Intermediate (WTI) for February delivery recorded a slight uptick to **\$59.52**. **Geopolitical Drivers** * **Iran:** The recent easing of the internal crackdown on protests in Iran has diminished immediate market concern regarding a potential U.S. military strike that could disrupt a significant portion of Middle East crude supplies. This reduction in perceived near-term risk has helped temper upward price momentum. * **U.S. Activity:** However, ongoing U.S. military movements into the Gulf region continue to underscore persistent geopolitical uncertainty, maintaining a base level of risk premium in the market. * **Venezuela:** The anticipated ramp-up of Venezuelan oil production is forecast to be a multi-year process, suggesting that any substantial new supply from the nation will not impact global market balances in the immediate term.