Now Reading: Crude oil slides below $88 as weak demand counters Iran war fears
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Crude oil slides below $88 as weak demand counters Iran war fears
Crude oil slides below $88 as weak demand counters Iran war fears
Brent crude futures fell $1.29 to $87.69 a barrel on Thursday, and US WTI dropped $1.30 to $81.97, as analysts cut global oil demand forecasts for 2026 citing disruption from the US-Israeli…
The Story in Brief
Brent crude futures fell $1.29 to $87.69 a barrel on Thursday, and US WTI dropped $1.30 to $81.97, as analysts cut global oil demand forecasts for 2026 citing disruption from the US-Israeli conflict with Iran, Livemint reports. The decline came despite concerns over supply outages from the war and attacks on shipping lanes.
Talks between Washington and Tehran remain deadlocked, with no progress on reopening the Strait of Hormuz. The International Energy Agency projects a supply shortfall of 1.8 million barrels per day this quarter, more than double its earlier estimate, and expects the 2026 deficit to be the largest in five years.
The Indian Opinion
The narrative that war in the Middle East always pushes oil into a runaway spike is meeting its match. For now, demand fears are outpacing supply jitters. That could change fast if Iran blockades the Strait of Hormuz, through which a fifth of global oil passes. Watch the IEA's next stockpile report: if inventories keep climbing, the war premium has further to deflate.
Source: livemint.com
This story was synthesised by AI from the source linked above.
