Oil Prices Tumble Amid Ongoing US-Iran Crisis

Oil prices declined by over one percent on Thursday after six consecutive days of gains as investors remained cautious due to the ongoing US-Iran crisis.

The Strait of Hormuz remains shut, and neither side has shown signs of backing down, leading to concerns about global oil demand projections for 2026 being lowered.

Forecasters predict a reduction in global oil demand due to the disruptions caused by the conflict between the US and Iran, although supply constraints from the war have provided a floor for the market.

Brent futures dropped $1.29, or 1.5 percent, to $87.69 a barrel, while US West Texas Intermediate crude fell $1.30, or 1.6 percent, to $81.97.