Finance
Oil set for second straight weekly drop as Iran risks recede
Published by Global Banking & Finance Review®
Posted on February 13, 2026
3 min readLast updated: February 13, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 13, 2026
3 min readLast updated: February 13, 2026
Oil prices are set for a weekly drop as fears of conflict with Iran ease and oversupply concerns grow, with U.S. crude stockpiles increasing.
Feb 13 (Reuters) - Oil prices slipped on Friday and were on track for a second weekly decline on receding concerns of a U.S.-Iran conflict that could affect supply.
Brent crude oil futures were down 6 cents, or 0.1%, at $67.46 a barrel at 0448 GMT after falling 2.7% in the previous session. U.S. West Texas Intermediate (WTI) crude fell 12 cents, or 0.2%, to $62.72 after falling 2.8%.
Brent prices are set to drop 0.8% this week, while WTI is set to fall 1.1%.
Prices gained earlier this week on concerns the U.S. could attack key Middle Eastern producer Iran over its nuclear programme but comments on Thursday from U.S. President Donald Trump that the U.S. could make a deal with Iran over the next month drove prices lower in the previous session.
Oil prices are lower "amid signs the U.S. is seeking more time to reach a nuclear deal with Iran, reducing the near-term geopolitical risk premium," IG analyst Tony Sycamore said in a note.
In addition to the receding concerns about a conflict with Iran, the International Energy Agency on Thursday projected in its monthly report that this year global oil demand growth will be weaker than previously expected, with overall supply set to exceed demand.
"The fact that prices did not extend significantly lower in the face of bearish headlines is noteworthy, suggesting that downside momentum is slowing in the near term," Linh Tran, Market Analyst at XS.com.
Thursday's decline was amplified by earlier data showing a massive build in U.S. crude stockpiles and growing anticipation that increased Venezuelan supply could soon hit the market, IG's Sycamore said.
"There is an expectation that Venezuelan oil supply will return to pre-blockade levels in the months ahead," he said, rising from 880,000 barrels per day to about 1.2 million bpd.
The U.S. Treasury will issue more allowances easing sanctions on Venezuelan energy this week, a White House energy official said on Thursday.
U.S. Secretary of Energy Chris Wright said on Thursday that oil sales from Venezuela controlled by the U.S. have totalled over $1 billion since the capture of President Nicolas Maduro in January and in the next few months will bring in another $5 billion.
(Reporting by Sam Li, Lewis Jackson and Sudarshan Varadhan; Editing by Christian Schmollinger)
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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