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Oil prices fall on global demand concerns
Oil prices declined today, Thursday, after six consecutive sessions of gains, due to expectations of weakening global demand amid continued deadlock in talks to revive the nuclear deal between the United States and Iran. Brent crude fell by 0.47% to $88.56 per barrel, while US West Texas Intermediate also declined by 0.66% to $82.72, as the market awaits developments regarding the reopening of the Strait of Hormuz. Additionally, US oil inventories increased by 17.4 million barrels—the largest rise since January 2023—putting additional downward pressure on prices, with forecasts indicating slower oil demand growth in 2026.
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