Oil prices recovered some of their losses but remained on a downward trend overall, with market attention focused on geopolitical developments in Venezuela and Ukraine. Donald Trump stated that Venezuela would hand over up to 50 million barrels of sanctioned oil to the United States as he works to tighten his grip on the country’s oil sector.Meanwhile, the United Kingdom and France stated that they would establish military centers across Ukraine if a ceasefire agreement is reached with Russia; this provides the clearest details to date regarding the security guarantees offered by Western allies to Kyiv.However, analysts at the Norwegian Central Bank noted, “While Ukraine views this as a crucial step toward a peace agreement, for Russia, this may be an unacceptable proposal.”