Houston, Feb 13, 2026, 12:25 CST — Regular session
- Brent up 11 cents at $67.63 a barrel; WTI flat at $62.84
- Both benchmarks set for weekly losses after Thursday’s near-3% slide
- OPEC+ output and U.S.-Iran tension headlines remain the main swing factors
Oil prices held steady on Friday after a softer U.S. inflation print steadied risk appetite, while traders kept one eye on the possibility of extra OPEC+ barrels from April. Brent crude futures rose 11 cents to $67.63 a barrel and U.S. West Texas Intermediate was unchanged at $62.84 by 12:22 p.m. ET, after Brent briefly dipped to $66.89. “Looks like inflation is stabilizing,” said Dennis Kissler at BOK Financial, adding rates should “move a little bit lower.” (Reuters)
The calm followed a sharp reset on Thursday. Brent settled at $67.52, down $1.88, or 2.71%, and WTI finished at $62.84, down $1.79, or 2.77%, after the International Energy Agency trimmed its demand view and U.S. inventory data showed a much bigger crude build than expected. U.S. crude stocks rose by 8.5 million barrels to 428.8 million last week, the Energy Information Administration said, versus analyst expectations for a 793,000-barrel rise in a Reuters poll. (Reuters)
That matters now because supply is back in the driver’s seat. OPEC+ — the Organization of the Petroleum Exporting Countries plus allies including Russia — is leaning toward resuming output increases from April, three sources told Reuters, with eight producers due to meet on March 1. Russian Deputy Prime Minister Alexander Novak said demand typically rises into spring: “Starting from around March and April, demand is gradually increasing.” (Reuters)
On the macro side, the U.S. Consumer Price Index — a broad inflation gauge — rose 0.2% in January, below expectations for a 0.3% gain, while core CPI, which strips out food and energy, increased 0.3%. “Looking at the breakdown, this was a noisy report,” said James McCann at Edward Jones, adding price pressures remained “a little too hot for comfort.” (Reuters)
Geopolitics still set the tone, and the headlines have not gone quiet. The Pentagon is sending the aircraft carrier Gerald R. Ford from the Caribbean to the Middle East, two U.S. officials told Reuters, putting two carriers in the region amid rising U.S.-Iran tensions. President Donald Trump said on Thursday he thought an agreement with Iran could be struck over the next month, warning: “We have to make a deal, otherwise it’s going to be very traumatic.” (Reuters)
Away from the Middle East, Russia, Ukraine and the United States plan to shift talks on ending the war to Geneva next week, with discussions set for Tuesday and Wednesday, Russian agencies quoted Kremlin spokesman Dmitry Peskov as saying. (Reuters)
On the supply map, Washington also loosened constraints on Venezuela. The Treasury Department’s OFAC issued two general licenses allowing Chevron, BP, Eni, Shell and Repsol to operate oil and gas projects in Venezuela, and letting other companies negotiate new investment contracts with state-run PDVSA subject to separate permits. U.S. Energy Secretary Chris Wright said the United States will control proceeds until Venezuela has a “representative government.” (Reuters)
The demand outlook remains a drag in the background. The IEA projected global supply would exceed demand by 3.73 million barrels per day in 2026 and cut its forecast for demand growth this year to 850,000 bpd, saying “economic uncertainties and higher oil prices” were weighing on consumption. (Reuters)
But the balance can flip fast. A clear signal that OPEC+ will restore April hikes into a market already showing swelling U.S. inventories could pressure prices, while any disruption tied to Iran or other producers would push a risk premium back into crude.
Traders are now watching for fresh guidance ahead of the March 1 OPEC+ meeting, along with the next set of U.S. inventory data and any shift in the cadence of U.S.-Iran talks.
