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Sentiment Hits Boiling Point

Brent slips as Iran risk fades; funds cut shorts, OI drops; risk assets fall; thin holiday liquidity ahead
Published: February 12, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
,
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
,
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
and
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
Reviewed by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
16 page report
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There has been little change in the geopolitical standoff between the US and Iran, which has paralysed the crude benchmarks, although M1 Brent futures sold off from nearly $70/bbl to $67.35/bbl on 12 Feb, suggesting the market is unwinding this tail-end risk premium.

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