Oil prices are poised for their first consecutive weekly decline this year, as traders evaluate multiple factors including potential supply increases from OPEC+, progress in U.S.-Iran nuclear talks, and broader market weakness earlier in the week.

The global benchmark Brent crude fell approximately 0.5% this week, trading largely unchanged on Friday. According to delegates, some oil-producing nations within the alliance believe production could resume growth in April, arguing that market concerns over a crude surplus are exaggerated. They added that the group has not committed to any course of action nor begun formal discussions ahead of the March 1 meeting.

Two consecutive weeks of decline would mark an end to the sustained rally in oil prices that began early in 2026, which had been largely supported by recurring geopolitical tensions such as U.S.-Iran confrontations.

At an energy conference held in London this week, participants indicated that global oil supply is expected to exceed demand this year, potentially leading to rising inventories in the Atlantic Basin—a key region for global oil pricing. However, the market impact of this trend has so far been limited due to accumulated sanctioned oil and supply disruptions in several countries.

Traders continue to monitor developments in U.S.-Iran negotiations, as well as efforts to broker a ceasefire in the Russia-Ukraine conflict.

U.S. President Donald Trump stated that talks with Iran could last up to a month, reducing the likelihood of near-term military action by the United States that could disrupt oil supplies. The American leader is currently seeking a diplomatic agreement to curb the nuclear program of this OPEC member nation.