Brent Crude Oil Falls on Thursday

Brent crude oil futures fell to below $69 per barrel on Thursday, retreating after a 0.9% gain in the previous session, pressured by persistent oversupply despite ongoing Iran risk.

Markets remain focused on tensions around Iran as the US signaled preference for a nuclear deal but kept military options open and deployed naval forces in the region, sustaining uncertainty over potential supply disruptions.

Still, ample supply is capping prices.

The IEA said global oil inventories rose at the fastest pace since 2020 last year and expects a sizeable surplus in 2026 as supply exceeds demand.

Rising stockpiles reinforce expectations of an oversupplied market.

Flows from Venezuela are also returning as China buys cargoes previously linked to the US.