Oil Prices Plummet as Global Demand Forecasts Tumble
Oil prices fell sharply on Thursday as forecasters lowered global oil demand projections for 2026 due to disruptions from the US-Israeli war on Iran.
Brent futures dropped $1.29, or 1.5%, at $87.69 a barrel by 0100 GMT, while US West Texas Intermediate (WTI) crude fell $1.30, or 1.6%, to $81.97.
The Organisation of Petroleum Exporting Countries lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day in its monthly oil market report on Wednesday.