Commodities

Oil Prices Plummet as Demand Forecasts Take Hit from US-Israeli Conflict

Guavy AI Editorial Team Published August 13, 2026

Instruments

Oil

Oil prices took a hit on Thursday as forecasters lowered global oil demand projections for 2026 due to disruptions from the US-Israeli conflict. The Organisation of Petroleum Exporting Countries (OPEC) cut its world oil demand growth forecast for 2026 by 580,000 barrels per day in its monthly oil market report.

The International Energy Agency (IEA) also revised its global oil demand projections, expecting a 1.6 million bpd contraction this year due to restricted fuel supplies and higher prices caused by the conflict.

US commercial crude oil inventories saw their largest weekly gain since January 2023 last week, rising by 17.4 million barrels to 424.4 million barrels.

Oil Prices Plummet as Demand Forecasts Take Hit from US-Israeli Conflict

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