“It’s been an interesting oil market,” says Benjamin Davis, Macquarie Group’s co-head of global oil, reflecting on recent geopolitical events, including the overthrow of Venezuela’s leader in January 2026 and the ongoing Middle East conflict. 

“We are living through [a time when] headlines can affect the market in ways that are hard to predict,” he continues. “Historically, we advise clients based on macro themes over time, but the unpredictability of the market means that that’s slightly more