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Oil prices steady amid demand slowdown
Oil prices steadied amid expectations of declining global demand and escalating geopolitical tensions in the Middle East. The OPEC organization downgraded its forecast for demand growth in 2026 to 580,000 barrels per day. Meanwhile, the International Energy Agency warned of a demand contraction of 1.6 million barrels per day this year, alongside an expected supply decrease of approximately 4.3 million barrels per day, which could lead to a market deficit of 1.27 million barrels per day in 2026. Brent crude fell to $88.88, and Texas Gas to $83.31. US oil inventories unexpectedly increased for the fourth consecutive week due to declining exports and rising imports, amid escalating tensions involving the closure of major oil passages and deteriorating talks between Iran and the United States regarding a ceasefire. Additionally, the number of ships transiting the Strait of Hormuz dropped to its lowest level in a week.
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