Geopolitical Leverage - Low oil prices provide President Trump with increased leverage over Iran, reducing concerns about oil price spikes amid geopolitical tensions [1] - The U.S. has deployed the USS Abraham Lincoln aircraft carrier strike group to the Middle East, indicating a potential military response to Iran's nuclear negotiations [3] Oil Market Dynamics - U.S. crude oil prices increased by 26 cents, or 0.4%, closing at $63.55 per barrel, with prices up more than 10% since the beginning of the year after a 20% decline in 2025 [2] - Analysts expect a surplus in the oil market this year due to increased output from OPEC+ and strong U.S. production [2] Iranian Oil Production - Iran, an OPEC member, produces over 3 million barrels of oil per day, and recent diplomatic negotiations regarding its nuclear program were described as a "good start" by Iranian officials [4] Venezuelan Oil Production - U.S. Energy Secretary Chris Wright anticipates that Venezuelan oil production will increase by several hundred thousand barrels per day this year, contributing significantly to global demand growth [5] - The U.S. has taken control of Venezuela's oil sales, with efforts to rebuild its energy sector under President Trump's direction [5]