Oil prices slightly decline amid demand concerns

Oil prices declined today, Thursday, despite previous gains, due to expectations of a decrease in global oil demand in 2026 and a lack of progress in talks to revive the Iran nuclear deal or reopen the Strait of Hormuz. Brent crude fell by 0.47%, reaching $88.56, while West Texas Intermediate dropped by 0.66% to $82.72. US oil inventories unexpectedly rose by 17.4 million barrels, and both OPEC and the International Energy Agency cut their demand forecasts for 2026, amid ongoing security tensions affecting maritime shipping, slowing demand due to supply constraints, and rising prices.

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