Oil Prices Plummet on Lower Demand Forecasts Amid Ongoing US-Iran Conflict
Oil prices plummeted by over $1 on Thursday as forecasters revised downward their projections for global oil demand in 2026 due to disruptions from the US-Israeli conflict with Iran. Despite ongoing deadlocked talks between the two nations, oil prices remain elevated.
The Organization of Petroleum Exporting Countries (OPEC) reduced its world oil demand growth forecast for 2026 by 580,000 barrels per day in its monthly oil market report on Wednesday. Meanwhile, the International Energy Agency (IEA) lowered its global consumption forecast by 1.6 million bpd this year, down from a previous projection of 1 million bpd.
The US West Texas Intermediate (WTI) crude fell $1.30, or 1.6%, to $81.97, while Brent futures dropped $1.29, or 1.5%, at $87.69 a barrel by 0100 GMT.