Oil prices were little changed on Friday and are on track for a second consecutive weekly decline as concerns about a potential conflict with Iran receded and forecasts pointed to a supply surplus this year, analysts said.
Delhi HC Defers Rajpal Yadav’s Bail Plea in Cheque Bounce Case
Brent crude futures were up slightly at around $67.55 a barrel, while U.S. West Texas Intermediate (WTI) traded near $62.85, following sharp losses in the previous session. Brent is set to fall about 0.8% for the week and WTI roughly 1.1%, reversing earlier gains driven by geopolitical fears.
Prices had risen earlier in the week on worries that tensions between the United States and Iran could disrupt oil flows. But comments by U.S. President Donald Trump suggesting a possible deal with Tehran reduced the geopolitical risk premium, pushing markets lower.
Market participants also pointed to an updated outlook from the International Energy Agency (IEA) showing global oil demand growth for 2026 will be slower than previously forecast, with overall supply expected to exceed demand by a significant margin — a surplus that will weigh on prices.
In addition, data showing a large build in U.S. crude inventories added to bearish sentiment, and expectations of increased Venezuelan oil exports as sanctions ease have further pressured prices.
Despite the current weakness, some analysts caution that lingering geopolitical risks still provide a floor under crude markets — particularly as negotiations between Washington and Tehran continue.
