Ole Hansen, Head of Commodity Strategy at Saxo Bank, stated that the current situation in Venezuela is still having only a limited impact on the global oil market. Hansen noted: “While the supply reduction cannot be ignored, it has been partially offset by idle capacity in other regions and the supply glut resulting from increased production over the past few months. This supply glut continues to dominate the market narrative for 2026 and beyond.” He emphasized that unless there is evidence that the turmoil is spreading—particularly given the domestic unrest in Iran over the past few weeks or broader geopolitical escalations—crude oil prices are more likely to fluctuate based on the global supply-demand balance rather than shocks from a single country.