Oil hovered in the mid-$90s amid geopolitical tensions, with Osama Rizvi highlighting fragile mediation efforts and limited prospects for lasting peace. Kate Dourian warned of tightening physical markets and rising supply risks, while Mehmet Öğütçü outlined complex negotiation hurdles. Jose Chalhoub emphasized Venezuela’s shifting oil dynamics under U.S. influence, with market direction hinging on prolonged conflict and uncertain diplomacy.