Oil Prices Recovers Despite Second Consecutive Weekly Decline

Oil prices recovered modestly on Friday, offsetting some losses from the previous session, yet recorded their second consecutive weekly decline amid easing concerns over a potential U.S.–Iran conflict that could disrupt supplies.

Brent crude (April 2026) rose 0.3% to $67.75 per barrel, with a weekly loss of 0.4%.

West Texas Intermediate (WTI) crude, March 2026 increased 0.1% to $62.89 per barrel, posting a weekly decline of 1%.

Latest Oil Prices: 

WTI Crude • 62.89 +0.05 +0.08%

Brent Crude • 67.75 +0.23 +0.34%

Murban Crude • 68.32 +0.25 +0.37%

Louisiana Light • 64.58 -0.82 -1.25%

Bonny Light • 78.62 -2.30 -2.84%

Opec Basket • 68.06 +0.20 +0.29%

Mars US • 69.79 -0.88 -1.25%

Gasoline • 1.911 -0.005 -0.26%

Natural Gas • 3.243 +0.026 +0.81%

Thursday’s 3% drop was driven by slower-than-expected global demand growth and reduced geopolitical tensions following U.S. President Donald Trump’s remarks suggesting a potential nuclear deal with Iran in the coming month.

The International Energy Agency lowered its forecast for global oil demand growth in 2026 by 80,000 barrels per day, projecting an increase of 850,000 barrels per day, a sign of weaker-than-expected demand.

Analysts note that Thursday’s decline also reflected rising U.S. crude inventories and expectations that Venezuelan supply would return to the market, increasing from 880,000 barrels per day to roughly 1.2 million barrels per day.

Tony Sycamore of IG said, “Prices fell due to indications that the U.S. seeks more time for a nuclear deal with Iran, reducing near-term geopolitical risk premiums.” Lina Tran from XS.com added, “The modest price drop despite negative news shows that downward momentum is slowing in the near term.”

A U.S. Treasury official indicated further measures to ease sanctions on Venezuela’s energy sector this week. Meanwhile, U.S. Energy Secretary Chris Wright noted that U.S.-controlled Venezuelan oil sales have exceeded $1 billion since January, with an additional $5 billion expected in the coming months.