Oil heads for weekly decline as US, Iran extend talks

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Published27 FEB 26 - 08:27 Reading time minutes

“Traders are in wait-and-see mode heading into the weekend with Iran tensions mounting on one hand, and the OPEC+ meeting on Sunday with a likely production hike on the other hand,” said June Goh, a senior analyst at Sparta Commodities.

Reuters, February 27, 2026 – Oil is set for a weekly decline despite a modest rebound on Friday, as extended US–Iran nuclear talks eased immediate fears of supply disruption, though geopolitical risk remains elevated with an estimated $8–10 per barrel premium tied to Strait of Hormuz exposure. Attention now shifts to the March 1 OPEC+ meeting, where the group is expected to consider a 137,000 bpd output increase for April.

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Author

June Goh

Senior Oil Market Analyst

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