Global oil prices have further decreased. As of 1 AM Bangladesh time on Thursday night, Brent crude prices fell by $1.29 per barrel, or 1.5 percent, to $87.69. Meanwhile, US West Texas Intermediate (WTI) crude oil prices decreased by $1.30, or 1.6 percent, to $81.97.
Qatari-based news agency Al Jazeera reported this information.
Analysts believe that global oil demand might decrease due to the ongoing tensions involving Iran, the United States, and Israel. For this reason, the forecast for global oil demand in 2026 has been lowered.
However, a potential crisis in oil supply stemming from the same conflict is preventing a further significant drop in market prices.
In its monthly oil market report published on Wednesday, OPEC lowered its forecast for global oil demand growth in 2026 to 580,000 barrels per day.