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Oil Prices Plummet on Downgraded Demand Projections Amid Iran Conflict

Guavy AI Editorial Team
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Oil prices fell sharply on Thursday as forecasters lowered their global oil demand projections for 2026 due to disruptions from the US-Israeli conflict with Iran.

The Organisation of Petroleum Exporting Countries (OPEC) reduced its world oil demand growth forecast for 2026 to 580,000 barrels per day in its monthly oil market report on Wednesday.

Additionally, the International Energy Agency (IEA) reported a 1.6 million bpd contraction in consumption this year, down from a previous forecast of 1 million bpd last month, due to restricted fuel supplies and higher prices from the conflict.

Crude inventories rose by 17.4 million barrels to 424.4 million barrels in the week ended August 7, their highest since June 5, according to the Energy Information Administration (EIA).

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