Oil Prices Slide Over 1% Amid Weakening Demand Expectations

Oil prices declined more than 1% on Thursday due to weakening demand expectations, despite ongoing supply disruptions from the US-Israeli war on Iran.

The Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global oil demand growth in 2026 to 580,000 barrels per day, citing concerns over the conflict's impact on consumption.

This move was backed by a bearish outlook from the International Energy Agency (IEA), which forecasts a 1.6 million barrel per day contraction in global oil consumption this year, compared to its previous estimate of a 1 million bpd decline.