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Breaking up again

We had a blast at IP Week and so did Brent flat price. The bulls turn more bullish whereas the bears are hiding.
Published: February 11, 2026
Written by:
Will Cunliffe

Will Cunliffe

Research Analyst, The Officials
Will Cunliffe
,
Edward Hayden-Briffett

Edward Hayden-Briffett

Research Analyst, The Officials
Edward Hayden-Briffett
and
Spyridon Kokas

Spyridon Kokas

Research Analyst, The Officials
Spyridon Kokas
Reviewed by:
Jorge Montepeque

Jorge Montepeque

Head of Benchmarking, Flux
Jorge Montepeque
Edition: Euro Edition
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We had a blast at IP Week and so did Brent flat price. The bulls turn more bullish whereas the bears are hiding.

Brent broke $70! For the first time in February, in the early afternoon, flat price got to near its heights of peak mania over the US striking Iran at the end of January – but fell back to $69.97/bbl by the close. The structure felt some benefit too, with the prompt spread rising to a high of 79c before falling to the close at 74c. The consensus is for a slight weakening this year, with WoodMac forecasting $61.50 as an average for Brent this year and $60.50 in 2027.

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