Brent and WTI Slide on Weaker IEA Outlook; OPEC Output Falls

Crude oil prices opened lower on February 13, 2026, on the path to the second consecutive weekly loss as the immediate risk premium from a U.S.-Iran escalation receded. Brent crude traded at $67.36 per barrel and West Texas Intermediate at $62.66 per barrel, down from earlier gains in the week. The sell-off followed the International Energy Agency’s revised-down demand forecast to 850,000 barrels per day and confirmation of a 2026 supply surplus. OPEC production fell 439,000 barrels per day last month, while EIA data showed oil inventories up 8.53 million barrels and production up 498,000 barrels per day. The IEA projects supply will reach 108.6 million barrels per day in 2026, versus demand of 93 million barrels per day, according to its latest monthly report.