Low price volatility despite the raft of uncertainties: Despite the rise in uncertainty, geopolitical tensions and the various geopolitical shocks hitting the oil market, volatility in oil prices has been low and oil prices remain range bound, with the oil market exhibiting strong resiliency. Bifurcated markets, stretched logistics, segmentation: Though sanctions and geopolitical shocks did not result in large oil supply losses, they have transformed oil and products trade flows, reduced transparency, created more segmented markets, lengthened trade routes and supply chains, increased costs and logistical complexity and resulted in more constrained optimization for the various players.