Oil prices recorded their first consecutive weekly decline this year as traders weighed the potential for increased supply from OPEC+ against ongoing nuclear talks between the U.S. And Iran, coupled with recent weakness in broader markets.
West Texas Intermediate crude fell 1% over the week, closing Friday’s session little changed. President Donald Trump stated that Washington has deployed an additional aircraft carrier to the Middle East should a nuclear agreement with Iran not be reached.
“If we don’t make a deal, we’ll demand it,” Trump said at the White House, adding that he believes negotiations will ultimately succeed. Traders are closely monitoring any escalation in tensions between Washington and Tehran, which could pose a threat to supplies from the Middle East. The region’s oil production is a key factor in global energy markets.
Earlier in the session, oil prices declined after OPEC+ members saw room to resume production increases in April, considering concerns about a supply surplus to be overstated.
The consecutive weekly decline in oil prices brings an end to a prolonged series of gains seen earlier in 2026, which had been supported by recurring geopolitical tensions, including the possibility of a confrontation between the United States and Iran. Iran is the fifth-largest crude oil producer within the OPEC+ alliance, with output nearing 3.3 million barrels per day, according to reports.
The recent pullback comes after oil prices had been climbing amid heightened geopolitical risks and expectations surrounding OPEC+ production policies, as noted in recent market analysis. News that Iran confirmed its willingness to hold negotiations with the U.S. Also contributed to the downward pressure, according to reports.
