Oil Prices Slightly Decline as Iran Risk Eases
Oil prices weakened on Friday (February 13th) and are heading for a second consecutive weekly decline, as the market assessed the likelihood of supply disruptions from the US-Iran conflict as diminishing. Brent fell slightly to $67.46/barrel (down around 0.09% from the previous session), while WTI fell to $62.72/barrel (around -0.19%).
This decline occurred as US President Donald Trump's comments that opened the door to a nuclear deal with Iran within about a month helped reduce the geopolitical risk premium that had boosted prices earlier in the week. For the week, Brent is projected to fall around 0.8% and WTI to fall around 1.1%.
From a fundamental perspective, pressure is intensifying after the IEA forecast weaker global oil demand growth, while supply is projected to exceed demand—making the market more sensitive to the "surplus" narrative.
Additionally, potential additional supply also comes from Venezuela: Reuters reports that the US is preparing to provide concessions to facilitate energy exports, while US-managed Venezuelan oil sales have reportedly surpassed $1 billion and are expected to add another $5 billion within months.
Source: Newsmaker.id
