Commodities

IEA Downgrades Global Oil Demand Forecast Amid Tensions with Iran

Guavy AI Editorial Team Published September 6, 2026

Instruments

Oil

Oil prices dipped on Thursday due to investors' concerns over global demand and potential escalation of US-Iran tensions.

The International Energy Agency (IEA) reduced its forecast for global oil demand in 2026, citing a sizeable surplus despite outages that cut supply in January.

Brent crude futures fell by 19 cents to $69.21 per barrel, while US West Texas Intermediate (WTI) crude declined by 8 cents to $64.55.

The Wire

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