Oil prices registered their first weekly decline since mid-December, while negotiations between the US and Iran in Oman brought some relief to the geopolitical risk premium.

The market is balancing two opposing forces: on one hand, tensions in the Middle East that have added a premium to prices.

On the other, concerns about oversupply and slowing demand.

Improved US consumer sentiment helped support prices, reducing fears of falling demand.

But the central question remains: will the easing of geopolitical tensions be enough to offset the fundamentals of oversupply? I don't know…