Oil drops over 1$ on lower global demand forecasts: Oil prices fell more than $1 on Thursday as forecasters lowered global oil demand projections for 2026 because of the disruptions from the US-Israeli war on Iran, though the supply constraints from the conflict provided a floor for the market.
According to Qatar News Agency, Brent futures dropped $1.29, or 1.5%, to $87.69 a barrel. US West Texas Intermediate (WTI) crude decreased $1.30, or 1.6%, to $81.97. The Organization of Petroleum Exporting Countries lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day in its monthly oil market report on Wednesday.
On the same day, the International Energy Agency (IEA) announced it expects a 1.6 million barrels per day contraction in consumption this year.