Oil prices exhibited little movement on Friday, with both Brent and U.S. West Texas Intermediate fluctuating by only a few cents from their closing prices, following a decrease in the probability of a U.S. strike on Iran. Brent experienced a decline of 3 cents, representing a decrease of 0.05%, settling at $63.73 per barrel. In contrast, U.S. West Texas Intermediate saw an increase of 4 cents, equivalent to a rise of 0.07%, reaching $59.22 per barrel at 0223.

Both Brent and WTI experienced an increase to multi-month highs this week following the escalation of protests in Iran and indications from U.S. President Donald Trump regarding the possibility of military action against the country. Late on Thursday, however, President Trump indicated that Tehran’s crackdown on the protesters was easing, alleviating concerns regarding potential military action that could interfere with oil supplies.

The U.S. Energy Information Administration’s report this week indicated that American crude and gasoline inventories had increased beyond analysts’ expectations, which also had a negative impact on the market.This prompted a rapid unwinding of the ‘Iran premium’ that had driven prices to twelve-week highs, further exacerbated by the most recent U.S. inventory data indicating a significant crude build,” stated analyst Tony Sycamore in a note.

According to sources, Venezuela has initiated a reversal of its production cuts and has resumed its export activities.
Shell, the oil giant, unveiled its 2026 Energy Security Scenarios on Thursday, presenting an optimistic outlook for energy demand and oil growth. The company projected that primary energy demand by 2050 may exceed last year’s figures by 25%. OPEC, the producer organization, announced on Wednesday that the balance between oil supply and demand is expected to persist through 2026, with demand anticipated to increase in 2027 at a rate comparable to the growth observed this year.