WTI Crude Oil futures continued a period of consolidation, forming an inside range day as prices compressed toward a triangle apex. The market is currently navigating a risk premium of 2 to 5 dollars per barrel due to U.S. and Iranian tensions in the Strait of Hormuz, following a boarding attempt on a tanker and failed nuclear talks. While geopolitical concerns remain elevated, ample spare capacity has mitigated broader panic. Meanwhile, supply dynamics are shifting as Venezuela has increased output toward 1 million barrels per day, recovering from previous export bottlenecks. Despite infrastructure challenges in the Orinoco Belt, this rising production is contributing to global supply as U.S. production starts to decline. Bob Iaccino analyzes the current price action and geopolitical landscape.