# Oil slips below $88 as demand fears trump Iran war risk

2026-08-13T03:40:33+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 2 independent outlets

Brent crude fell 1.5% to $87.69 a barrel on Thursday, while US WTI dropped 1.6% to $81.97, after analysts and agencies cut global oil demand forecasts for 2026. Opec reduced its demand growth estimate to 5.8 lakh barrels per day, and the IEA lowered its consumption outlook, citing disruptions from the US-Iran conflict and higher prices. Talks between Washington and Tehran remain deadlocked, with Pakistan saying the peace process has stalled. Attacks on shipping in the Strait of Hormuz and Bab el-Mandeb Strait on Tuesday highlighted supply risks. US crude inventories rose by 1.74 crore barrels last week, the biggest weekly jump since January 2023, adding to price pressure.

## Coverage

- livemint.com <https://www.livemint.com/market/commodities/crude-oil-prices-decline-on-weaker-oil-demands-despite-deadlock-in-us-iran-talks-brent-near-87-per-barrel-11786585472275.html>
- timesofindia.indiatimes.com <https://timesofindia.indiatimes.com/business/international-business/oil-prices-slip-as-opec-cuts-2026-demand-forecast-iran-war-keeps-supply-risks-alive/articleshow/133195863.cms>

Tags: Brent, crude oil, IEA, Iran conflict, Strait of Hormuz, supply shortfall
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