Oil Prices Fall, Still Set for 20% Monthly Gain
OPEC expects global oil demand to increase by approximately 0.8 million barrels per day in 2026, while the IEA projects weaker consumption alongside substantial changes in global supply.
Brent crude was trading near $88 per barrel and WTI was trading near $82 per barrel on Friday, down around 1.2 percent and 1.8 percent respectively from Thursday's close.
Naeem Aslam, CIO at Zaye Capital Markets, said the decline reflected improving tanker movements through the Strait of Hormuz and other regional shipping routes, reducing immediate fears of a complete supply interruption.
However, oil prices remain elevated due to freight rates, insurance costs, and the geopolitical premium attached to Middle Eastern crude exports still being considerably higher than normal.