Oil prices are on track for a second consecutive weekly decline as concerns over a possible resumption of hostilities in the US-Israel war on Iran ease and markets respond to signs of an expanding global supply surplus.

At 17:46 GMT, Brent crude futures fell 5 cents, or 0.05%, to $95.77 per barrel, while US West Texas Intermediate (WTI) futures declined 17 cents, or 0.19%, to $88.57 per barrel, The Caspian Post reports, citing Al Jazeera.

For the week, both benchmarks were heading toward losses of approximately 2%, following sharp declines last week. Brent fell 16%, while WTI dropped 13%.

Analysts say the oil market is undergoing a significant shift, driven by reduced geopolitical risks linked to the Iran war and a report released by the International Energy Agency (IEA) on Friday indicating a growing global oil supply surplus.