Published by Global Banking & Finance Review®
Posted on February 13, 2026
3 min readLast updated: February 13, 2026
Add as preferred source on GoogleOil prices are set for a weekly drop as fears of conflict with Iran ease and oversupply concerns grow, with U.S. crude stockpiles increasing.
By Arathy Somasekhar
HOUSTON, Feb 13 (Reuters) - Oil prices settled marginally higher on Friday after data showed an overall slowdown in U.S. inflation, helping offset supply concern as OPEC+ is leaning towards a resumption in production increases.
Brent crude futures closed 23 cents, or 0.3%, higher at $67.75 a barrel, while U.S. West Texas Intermediate crude settled 5 cents, or 0.08% higher at $62.89.
Both benchmarks posted weekly declines after incurring near 3% losses on Thursday. Brent settled down about 0.5%, while WTI lost 1% in the week.
U.S. consumer prices increased less than expected in January amid cheaper gasoline prices and a moderation in rental inflation.
"Looks like inflation is stabilizing. So, I think that's going to be a boon for interest rates to probably continue to move a little bit lower. And I think as rates start to move lower... that's a positive to the economy," said Dennis Kissler, senior vice president of trading at BOK Financial.
"The negative is going to be that OPEC could possibly increase production a little further," he added.
Prices fell earlier in the session as investors reacted to a Reuters report that OPEC is leaning towards a resumption in oil output increases from April, ahead of upcoming peak summer fuel demand, and amid firmer crude prices owing to tensions over U.S.-Iran relations. On the U.S. supply side, Baker Hughes said oil rigs fell by three to 409 this week.
Oil prices had strengthened earlier in the week on concerns that the U.S. could attack Middle Eastern oil producer Iran over its nuclear programme. But comments on Thursday from U.S. President Donald Trump that Washington could make a deal with Iran over the next month drove down prices on Thursday.
The Pentagon, however, is sending an aircraft carrier from the Caribbean to the Middle East, U.S. officials said on Friday, a move that would put two carriers in the region as tensions soar between the United States and Iran.
Russia, meanwhile, said on Friday that the next round of peace talks on Ukraine will take place next week.
Negotiations with Iran and Russia will be the near-term market movers, Kissler said, adding that near-term global crude supplies remain ample and crude futures likely have a $5 to $7 per barrel geopolitical premium baked in.
The U.S. also eased sanctions on Venezuela's energy sector on Friday, issuing two general licenses that allow global energy companies to operate oil and gas projects in the OPEC member and for other companies to negotiate contracts to bring in fresh investments.
Oil sales from Venezuela controlled by the U.S. have totalled over $1 billion so far and in the next few months will bring in another $5 billion, U.S. Secretary of Energy Chris Wright told NBC News on Thursday.
(Reporting by Arathy Somasekhar, Robert Harvey, Stephanie Kelly, Sam Li, Lewis Jackson and Sudarshan VaradhanEditing by Susan Fenton, Kirsten Donovan and Deepa Babington)
Crude oil is a natural, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. It is extracted from the ground and refined into various fuels and products.
Oil futures are contracts to buy or sell a specific amount of oil at a predetermined price on a specified future date. They are used by traders to hedge against price fluctuations.
Supply and demand is a fundamental economic model that describes how the price and quantity of goods are determined in a market. Supply refers to how much of a good is available, while demand refers to how much consumers want it.
A stockpile is a reserve of a commodity, such as crude oil, held by a country or company to manage supply and demand fluctuations and ensure availability during shortages.
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