Oil Prices Plunge on Lower Demand Forecasts Amid US-Iran Conflict

Oil prices dropped on Thursday, August 13, 2026, due to lowered global demand forecasts for 2026. The Organisation of Petroleum Exporting Countries (OPEC) reduced its world oil demand growth forecast by 580,000 barrels per day in its monthly oil market report.

The International Energy Agency (IEA) also cut its consumption forecast, expecting a 1.6 million bpd contraction this year, down from last month's projection of 1 million bpd.

Brent futures fell Ksh166.75 or 1.5% to 11,333.89 per barrel, while US West Texas Intermediate (WTI) crude dropped Ksh68.03 or 1.6% to Ksh10,598.43.