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Brent and WTI fall as demand outlook weakens, supply risks persist
Brent settled at $87.69 a barrel and WTI at $81.97, with the market supported by ongoing concerns about supply shortfalls tied to the US-Iran conflict.
Oil prices declined by more than $1 a barrel on Thursday as analysts trimmed their forecasts for global oil demand in 2026, citing disruptions linked to the US-Israeli conflict with Iran, according to LiveMint Markets.
Despite the demand-driven drop, concerns about supply disruptions continued to limit downside. Brent crude futures were down $1.29, or 1.5%, to $87.69 per barrel, while US West Texas Intermediate declined $1.30, or 1.6%, to $81.97.
LiveMint Markets also noted that traders are monitoring diplomacy, with little sign of progress on reopening a strategic waterway and negotiations between the US and Iran appearing to have reached an impasse, alongside continued US efforts to blockade Iranian ports.
The outlet pointed to broader tightening in global oil and refined-product markets, including conflicts in the Middle East and Russia-Ukraine and attacks on energy infrastructure. The International Energy Agency expects a 1.8 million barrels per day supply shortfall this quarter, more than double its earlier estimate, and a larger deficit for 2026, the biggest in five years.
Latest closeWTI crude $82.68 ▼0.6%|Brent $88.46 ▼0.5%