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Oil Prices Plummet Amid Lower Demand Forecasts, Supply Risks Persist

Guavy AI Editorial Team
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Oil
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The ongoing US-Israeli conflict with Iran continues to disrupt global oil markets. Crude oil prices fell by more than $1 a barrel on Thursday after analysts lowered their forecasts for global oil demand in 2026, citing disruptions caused by the conflict.

Brent crude futures dropped $1.29, or 1.5%, to $87.69 a barrel, while US West Texas Intermediate (WTI) crude declined $1.30, or 1.6%, to $81.97 a barrel.

The International Energy Agency has projected a global oil supply shortfall of 1.8 million barrels per day during the current quarter as the conflict continues. This estimate is more than twice its previous forecast.

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