Houston, Feb 13, 2026, 12:25 CST — Regular session
- Brent edged up 11 cents to $67.63 a barrel, while WTI held steady at $62.84.
- After tumbling nearly 3% on Thursday, both benchmarks are on track to finish the week lower.
- OPEC+ production moves and fresh headlines on U.S.-Iran tensions continue to drive the swings.
Oil barely budged Friday, with traders digesting a softer U.S. inflation reading that helped stabilize risk sentiment. Brent crude futures inched up 11 cents, landing at $67.63 a barrel. U.S. West Texas Intermediate stuck at $62.84 by 12:22 p.m. ET, after Brent briefly slipped as low as $66.89 earlier. “Looks like inflation is stabilizing,” noted Dennis Kissler of BOK Financial, adding that rates should “move a little bit lower.” OPEC+ and the prospect of more barrels come April remained in focus. 1
Thursday’s sharp reset left Brent closing at $67.52, down $1.88, or 2.71%. WTI lost $1.79, settling at $62.84, off 2.77%. The International Energy Agency’s lower demand outlook weighed on prices, compounded by a bigger-than-forecast crude build. U.S. crude inventories jumped by 8.5 million barrels to 428.8 million last week, according to the Energy Information Administration. Analysts polled by Reuters had only expected a 793,000-barrel increase. 2
Supply’s calling the shots again. OPEC+, which brings together the Organization of the Petroleum Exporting Countries and partners like Russia, is tilting toward ramping up production from April, according to three sources who spoke to Reuters. Eight oil producers are set to gather March 1. Russian Deputy Prime Minister Alexander Novak pointed out that demand normally picks up as spring arrives: “Starting from around March and April, demand is gradually increasing.” 3
On the data front, U.S. Consumer Price Index numbers landed lighter than forecast, up 0.2% in January against the 0.3% economists had penciled in. Core CPI, which excludes food and energy, climbed 0.3%. “Looking at the breakdown, this was a noisy report,” said James McCann at Edward Jones, calling price pressures “a little too hot for comfort.” 4
Geopolitical jitters remain front and center, with fresh headlines rolling in. The Pentagon will redeploy the aircraft carrier Gerald R. Ford from the Caribbean to the Middle East, according to two U.S. officials cited by Reuters—this move brings a second carrier into the region as U.S.-Iran friction escalates. President Donald Trump, speaking Thursday, suggested a deal with Iran might be hammered out within a month. “We have to make a deal, otherwise it’s going to be very traumatic,” he said. 5
Outside the Middle East, Russia, Ukraine, and the U.S. are moving negotiations aimed at ending the war to Geneva next week, according to Kremlin spokesman Dmitry Peskov, cited by Russian agencies. Talks are scheduled for Tuesday and Wednesday. 6
On the supply front, Washington eased up on Venezuela this day. The Treasury’s OFAC handed out two general licenses—letting Chevron, BP, Eni, Shell and Repsol run oil and gas projects inside the country. Other firms got the green light to start talking with state oil company PDVSA about new investment deals, though any final contracts still need separate permits. U.S. Energy Secretary Chris Wright said the U.S. would hold on to any proceeds until Venezuela forms a “representative government.” 7
Demand still looks shaky. The IEA now sees global supply topping demand by 3.73 million barrels a day in 2026, and it’s trimming its forecast for this year’s demand growth to 850,000 bpd. “Economic uncertainties and higher oil prices” are holding back consumption, the agency said. 8
The balance here can tip quickly. If OPEC+ signals it’s rolling back April hikes while U.S. inventories keep rising, prices could feel the squeeze. On the other hand, headlines about Iran or supply hiccups elsewhere would shove a risk premium right back into crude.
Eyes are turning to the March 1 OPEC+ meeting for new direction, while the next round of U.S. inventory numbers and developments in U.S.-Iran negotiations remain on the radar.
