Oil slips on easing Iran tensions

February 13, 2026 (MLN): Oil prices were little changed on Friday after declining in the previous session, with both major benchmarks on course for a second straight weekly drop as geopolitical concerns eased and supply forecasts pointed to a surplus.

Brent crude futures went down by $0.48, or 0.71%, to $67.04 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures decreased by $0.57, or 0.91%, to $62.27 per barrel by [4:55 pm] PST.

Prices had risen earlier in the week amid worries that the United States could target Iran over its nuclear program, raising fears of supply disruptions from the Middle East, according to the CNBC.

However, comments on Thursday from U.S. President Donald Trump indicated that Washington could reach a deal with Iran within the next month helped calm markets, driving prices lower in the previous session.

In addition to the fading concerns over a potential conflict involving Iran, the International Energy Agency (IEA) projected in its monthly report that global oil demand growth this year would be weaker than previously expected.

Thursday’s decline was further amplified by data showing a significant build in U.S. crude inventories.

Expectations that Venezuelan oil supply could soon return to pre-blockade levels also weighed on prices.  

The White House indicated that the U.S. Treasury will issue additional allowances this week to ease sanctions on Venezuelan energy exports.

Meanwhile, U.S. Secretary of Energy Chris Wright stated that oil sales from Venezuela under U.S. control have exceeded $1bn since the capture of President Nicolas Maduro in January, and are expected to generate another $5bn in the months ahead.

With geopolitical tensions easing and supply expectations rising, oil markets remain under pressure as investors weigh the prospect of a supply surplus against slower demand growth.

Copyright Mettis Link News