Brent Crude Tests $90 as Hormuz Disruptions and Demand Concerns Collide

OPEC's more optimistic forecast for demand growth this year is at odds with the International Energy Agency's prediction of a 1.6 million barrel-per-day decline in global oil demand by 2026.

The IEA expects demand to fall 2.8 million barrels per day year on year in the third quarter, hit by high fuel prices and disrupted supply chains.

Brent crude futures rose as much as 1% to $89.40 a barrel on Monday, while West Texas Intermediate climbed to $82.83, after attacks on tankers and Saudi energy infrastructure revived concerns that supply disruptions could persist even as global demand weakens.

Only five commodity vessels crossed the Strait of Hormuz on Saturday, and none were recorded on Sunday, compared with 31 the previous weekend.