Oil Prices Fall as Iran-US Ceasefire Extension Hopes Grow

Oil prices declined globally as growing expectations of an extension to the ceasefire between Iran and the US eased concerns over potential disruptions to crude supplies from the Middle East.

Brent crude futures for October delivery fell $1.29, or about 1.5%, to $87.69 per barrel, while US West Texas Intermediate crude declined by $1.30, or 1.6%, to $81.97 per barrel.

The decline was attributed to weaker global oil demand in 2026 and rising US crude inventories, which have increased pressure on prices.

Investors are monitoring forecasts for global oil demand as concerns grow that consumption could remain weaker than previously expected in the coming months.