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Commodities

Oil Prices Plunge Amid Fears of Supply Deficit and Ongoing US-Iran Conflict

Guavy AI Editorial Team
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Oil
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Oil prices plummeted by more than $1 a barrel on Thursday as analysts revised down their global demand outlook for 2026, citing the impact of geopolitical disruptions linked to the US-Israel conflict with Iran.

The International Energy Agency (IEA) has warned that the global oil market could face a supply deficit of 1.8 million barrels per day during the current quarter due to the ongoing conflict.

Despite the fall in prices, traders remained focused on developments around the Strait of Hormuz, a crucial route for global oil shipments, as talks between the US and Iran have reportedly reached a standstill.

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