Crude Oil Prices Decline for Third Day Amid Shift in Market Sentiment
Crude oil prices have declined for three consecutive days, hovering around $80.90 per barrel during Friday's Asian trading session.
The recent upward momentum has weakened as market sentiment shifts from a focus on supply disruptions to a reassessment of demand prospects, following an initial surge driven by geopolitical supply risks.
The Strait of Hormuz remains the largest variable in the current market, with diplomatic efforts yet to achieve substantial breakthroughs. While some tankers continue to attempt passage through key waterways, others have disabled their Automatic Identification Systems (AIS) to reduce exposure risks.
The International Energy Agency's (IEA) latest assessment indicates that global oil supply could decrease by approximately 4.3 million barrels per day in 2026, primarily due to persistent disruptions to supply and transportation in the Middle East.