Oil Prices Sink as Demand Destruction Deepens Amid Ongoing Conflict

Oil prices fell on Thursday, August 13, as West Texas Intermediate (WTI) dropped to $82.11 per barrel, down 1.39% from the previous session.

Brent also declined, reaching $87.92, a 1.19% drop from the prior day.

The losses extended into the European morning, with WTI and Brent quotes falling to $81.32 and $87.04, respectively, declines of roughly 2% on the day.

The International Energy Agency (IEA) and OPEC both cut their 2026 demand forecasts in August, with the IEA projecting a global oil demand contraction of 1.6 million barrels per day this year, a 510,000 barrel per day larger decline than its July estimate.