The U.S. makes a deal with Venezuela, lifting sanctions as America looks for alternative oil markets on a looming Middle Eastern war. Oil drops $2, from $88 to $86.

Oil drops $2, from highs of $88 to its current trading range of $86, as the Biden administration makes a deal with the Venezuelan government, lifting sanctions so the U.S. can tap Venezuela's massive oil reserves at 304 billion barrels, as the U.S. is looking for alternative oil markets on the looming Middle Eastern War.  

Also, note the plethora of dovish rhetoric coming from Central Banks, since the Israel/Hamas war, that rates will not be going up.  How on Earth the global economy will side step stagflation, which was already with us in 2022, on a wider Middle Eastern conflict is anyone's guess.

Cue extreme volatility.