1052 GMT - Buyers of Russian and Iranian oil are reaching for Western supplies as a result of geopolitical pressures, says Vitol's Chief Executive Russell Hardy. "Geopolitics is definitely putting pressure on the supply side," he says at the International Energy Week in London. A positive supply outlook is emerging from Venezuela, where recent U.S. licensing has paved the way for American companies to help boost production and exports. In contrast, Russian oil is finding fewer buyers due to Western sanctions and Iranian oil exports are constrained by geopolitical tensions and restrictions. "The traditional buyers of those two supply sources are reaching for more Western supply sources or Saudi supply sources, which is in turn tightening the real market." (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

February 12, 2026 05:53 ET (10:53 GMT)

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