Oil Prices Plummet as Global Demand Outlook Dims

Global oil prices have dropped significantly in recent hours, according to Qatari-based news agency Al Jazeera. As of 1 AM Bangladesh time on Thursday night, Brent crude prices fell by $1.29 per barrel, or 1.5 percent, to $87.69. Meanwhile, US West Texas Intermediate (WTI) crude oil prices decreased by $1.30, or 1.6 percent, to $81.97.

The decrease in global oil demand is being attributed to the ongoing tensions involving Iran, the United States, and Israel. Analysts believe that this could lead to a potential crisis in oil supply, preventing further significant drops in market prices.

OPEC has lowered its forecast for global oil demand growth in 2026 to 580,000 barrels per day in its monthly oil market report published on Wednesday.