Oil Futures Slip as Oversupply Fears and Iran Talks Weigh on Market

Crude oil in the US stood at $62.96 per barrel on February 13, 2026, up 0.19% from the previous day. However, prices fell later in trading, with WTI near $62.5 as oversupply fears and weak demand outlook weighed on markets.

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Oil prices show mixed movement

Crude oil prices showed mixed signals on February 13, 2026. In the United States, crude oil was priced at 62.96 US dollars per barrel, up 0.19% from the previous day, based on trading in a contract for difference (CFD) that tracks the benchmark market, according to Trading Economics.

Over the past month, crude oil prices have risen by 1.52%. However, prices remain 10.96% lower than they were one year ago. Historically, crude oil reached an all-time high of 410.45 in December 2025.

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WTI and Brent decline on Friday

Despite the small daily gain, oil futures moved lower in broader trading.

US West Texas Intermediate (WTI) crude fell to around 62.5 dollars per barrel on Friday. It extended a nearly 3% loss from the previous session and was heading for a second straight weekly decline.

Brent crude futures dropped 11 cents, or 0.2%, to 67.41 dollars per barrel by 1306 GMT. WTI also slipped 15 cents, or 0.2%, to 62.69 dollars after falling 2.8% the previous day.

For the week, Brent was set to decline by around 1%, while WTI was on track to fall about 1.3%.

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Oversupply concerns weigh on market

The main pressure on prices comes from supply concerns.

The International Energy Agency (IEA), in its monthly report, said the oil market could face a surplus of just over 3.7 million barrels per day in 2026. This would be the largest annual average surplus on record.

The agency also lowered its global oil demand forecast for 2026. It added that global oil inventories increased in 2025 at the fastest pace since the 2020 pandemic.

These signals have increased fears that there may be too much oil in the market compared to demand.

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US-Iran talks ease supply fears

Earlier in the week, prices had risen due to fears that the United States might take military action against Iran over its nuclear programme.

However, US President Donald Trump said talks with Iran could continue for up to a month. He said he is currently following a diplomatic path aimed at limiting Iran’s nuclear activities. This reduced immediate fears of supply disruption.

At the same time, US media reported that the United States is sending a second aircraft carrier to the Middle East.

Separately, the Kremlin said that the next round of peace talks on Ukraine will take place next week.

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OPEC+ and market pressure

A Reuters report said OPEC+ is leaning towards resuming oil production increases. This added further pressure on prices.

Investors are also watching global financial markets, where a sharp selloff has added to weakness in oil prices.

Overall, while crude oil showed a small daily rise in US trading, global benchmarks remain under pressure due to oversupply concerns, softer demand outlook and easing geopolitical tensions.