Oil Set for Weekly Loss as Iran Concerns Ebb, Wider Markets Drop

Weilun Soon

Fri, February 13, 2026 at 3:11 PM GMT+9 2 min read

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(Bloomberg) — Oil headed for the first back-to-back weekly drop this year on a risk-off tone in wider markets, concerns about a global crude glut, and the prospect of drawn out US-Iran nuclear talks.

Global benchmark Brent (BZ=F) traded above $67 a barrel, after losing nearly 3% on Thursday, while West Texas Intermediate (CL=F) was below $63. Asian stocks fell on Friday after losses on Wall Street and across commodities.

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On Iran, US President Donald Trump said he could see negotiations stretching for as long as a month, reducing the possibility of military action in the near term that could upset supplies. For now, the US leader is seeking a diplomatic agreement to roll back the OPEC member’s nuclear ambitions.

The International Energy Agency, meanwhile, reiterated that there would be a glut of just over 3.7 million barrels a day in 2026, which would be a record in annual average terms. Global stockpiles expanded last year at the strongest pace since the 2020 pandemic, the agency added in a monthly report.

Oil’s sequential weekly declines stand to snap a long run of gains in early 2026, with the earlier advance supported by recurrent bouts of geopolitical tension, including the US stand-off with Iran. At an energy conference in London this week, attendees flagged that they expect worldwide supplies to top demand this year, potentially feeding into higher inventories in the Atlantic basin, the region where global prices are set.

“The main driving force in the oil markets currently is still US-Iran tensions,” said Zhou Mi, an analyst at a research institute affiliated with Chaos Ternary Futures Co. “Prices are likely to remain volatile.”

In Venezuela, Caracas plans to grant more oil-production land to Chevron Corp. and Repsol SA, people with knowledge of the matter said, potentially supporting growth in supply after the US intervention in January. Separately, Interior Secretary Doug Burgum said Washington would sell the country’s oil to China at global prices, in coordination with Venezuela.

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