MNI Oil Weekly: Sanctioned Stocks Could Squeeze Surplus

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Executive Summary:

• Consensus points to a 2026 surplus, putting sanctioned barrels in the spotlight.
• Oil Markets: Brent crude front month futures have been bouncing between about $66.5/bbl and $70.7/bbl since Jan. 4 as the market weighs uncertain geopolitical risks in Iran and Russia. Diesel and gasoline cracks have rebounded in recent days and remain elevated by historical standards despite drifting lower in the week to Feb. 16.
• Analyst Views: See oil market views and outlooks from key analyst names