This week, President Trump announced that he talked to Russian President Putin and with Ukraine’s President Zelenskyy to start negotiations to end the war in Ukraine. No details on terms and timing have been released, but if talks are indeed scheduled, this would be a first step in de-escalating the conflict. At the same time, the cease-fire between Hamas and Israel still holds despite tensions, and the Houthi’s have suspended their attack on commercial ships passing through the Red Sea. There is a possibility (albeit remote) that the Trump administration will engage in negotiations with Iran about a “verified nuclear peace agreement”. However, President Trump did restart his “maximum pressure” campaign on Iran. The relationship of the United States with Venezuela, another Trump adversary from his first term in office, has also shifted and there seems to be a possibility of negotiations between the two governments, even though the U.S. does not formally recognize the Maduro regime. What do Russia, Iran and Venezuela have in common? These countries are all sanctioned by the U.S. and other Western countries and they use the so-called “Dark Fleet” to keep their oil and oil products flowing to markets around the world. All three countries depend heavily on these exports to keep their economies afloat. What would happen to the tanker market in general and the dark fleet in particular if peace broke out and sanctions on these countries were lifted?