Oil prices fall on weak demand
Oil prices fell by more than a dollar, with Brent declining to approximately $87.69 per barrel. This comes amid expectations of a reduction in global demand in 2026 due to disruptions caused by the US-Israeli war against Iran, along with ongoing geopolitical risks and rising US oil inventories. Additionally, OPEC announced a downward revision of its demand growth forecast to 580,000 barrels per day, while the International Energy Agency predicted a slowdown in consumption by 1.6 million barrels per day due to supply constraints and rising prices. Meanwhile, US oil inventories unexpectedly increased to their highest level in months, despite continued security tensions in the Strait of Hormuz and the Bab el-Mandeb Strait.
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