Oil dips following IEA demand downgrade
Oil prices declined following the International Energy Agency's downward revision of global oil demand forecasts. The agency now expects a decrease of around 1.6 million barrels per day this year, an increase of 510,000 barrels from previous estimates. This is largely due to disruptions and tensions in the Strait of Hormuz, which lead to higher fuel prices and restricted oil supplies. The market has also been affected by security threats and maritime developments, including a massive oil spill from a stranded tanker near the coast of Oman, fueling concerns over sustained price rises amid supply shortages.
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