Oil Prices Set for Weekly Drop Amid Iran Easing, Market Slide, and Supply Glut

• Crude prices are heading for their first consecutive weekly decline this year.
• Fears regarding Iran subside as US President Donald Trump indicates prolonged diplomatic talks, reducing immediate military action risk.
• International Energy Agency reiterates a projected record crude glut of over 3.7 million barrels a day by 2026.
• Global stockpiles expanded significantly last year, the strongest pace since the 2020 pandemic.
• Venezuela plans to grant more oil-production land to Chevron Corp. and Repsol SA, potentially boosting supply.