Crude oil prices declined by more than $1 a barrel on Thursday as analysts lowered their forecasts for global oil demand in 2026, amid disruptions caused by the US-Israeli conflict with Iran. Brent crude futures fell $1.29, or 1.5%, to $87.69 a barrel, while US West Texas Intermediate (WTI) crude dropped $1.30, or 1.6%, to $81.97 a barrel, according to livemint.com.
The price decline followed analysts' revisions of global oil demand projections for 2026, reflecting concerns over the impact of ongoing geopolitical tensions in the Middle East. The US-Israeli conflict with Iran has created uncertainties in the oil supply chain, leading to cautious demand estimates. Despite the downward pressure on prices, worries about potential supply disruptions due to the conflict have prevented a sharper fall in crude prices, as detailed by livemint.com.
This price movement highlights the delicate balance between demand expectations and supply risks in the global oil market. The Brent crude price near $87 per barrel remains sensitive to geopolitical developments, especially given the deadlock in US-Iran talks. The situation underscores how conflicts in key oil-producing regions continue to influence market dynamics, with implications for energy-importing countries like India, according to livemint.com.
Brent crude futures settled at $87.69 per barrel on Thursday, marking a notable decline driven by revised demand forecasts amid geopolitical tensions, as reported by livemint.com.