Oil prices fall on demand cuts
Analysis based on 17 articles · First reported Aug 12, 2026 · Last updated Aug 13, 2026
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Oil prices fell more than $1 on Thursday as forecasters lowered global oil demand projections for 2026 due to disruptions from the U.S.-Israeli war on Iran. Brent crude dropped 1.5% to $87.69 per barrel, while WTI fell 1.6% to $81.97. OPEC lowered its 2026 world oil demand growth forecast to 580,000 barrels per day, and the International Energy Agency projected a 1.6 million bpd contraction in consumption this year, citing restricted fuel supplies and higher prices. A surprise build in U.S. commercial crude inventories, the largest weekly gain since January 2023, added downward pressure. However, deadlocked talks between Iran and the U.S. to end the war in the Gulf, along with attacks on shipping in the Strait of Hormuz and Bab-el-Mandeb, kept prices elevated due to supply risks.
80
United States hit and destroyed Iran
72
International Energy Agency revised demand outlook
70
OPEC lowered forecast
70
International Energy Agency slashed forecasts
60
United States — Energy Information Administration reported inventory increase
60
Iran reported no progress United States
40
Russia suffered drone attack Russia — Novorossiysk
cmdt
Brent crude futures slipped 0.47% to $88.56 a barrel, reflecting market focus on weaker demand forecasts and ample US inventories, while geopolitical risks provide some support.
Importance 90.0
Sentiment -10.0
cmdt
WTI crude fell 0.66% to $82.72, pressured by a surprise build in US crude inventories and lower demand outlook, though supply concerns from the Middle East limit downside.
Importance 90.0
Sentiment -10.0
loc
The blockade of the Strait of Hormuz remains a key supply risk, with no progress on reopening, keeping a floor under oil prices despite demand concerns.
Importance 85.0
Sentiment -30.0
cnt
Iran's deadlocked talks with the US over the interim deal and the Strait of Hormuz blockade continue to underpin oil prices, but no progress was reported, keeping supply risks elevated.
Importance 80.0
Sentiment -20.0
cnt
The US is involved in the war with Iran and the deadlocked negotiations, while its crude inventories rose sharply, contributing to bearish demand signals.
Importance 80.0
Sentiment -10.0
cnt
Israel is part of the U.S.-Israeli war on Iran, which has disrupted oil supplies and demand.
Importance 70.0
Sentiment -10.0
alliance
OPEC lowered its 2026 world oil demand growth forecast to 580,000 bpd, adding to bearish sentiment in the oil market.
Importance 70.0
Sentiment -10.0
alliance
The IEA cut its consumption forecast for this year to a 1.6 million bpd contraction, citing higher prices and restricted supply, further pressuring oil prices.
Importance 70.0
Sentiment -10.0
govactor
The EIA reported a 17.4 million barrel build in US crude inventories, the largest weekly gain since January 2023, which weighed on oil prices.
Importance 60.0
Sentiment -10.0
cnt
Russia's Russia — Novorossiysk port was hit by a large drone attack, but oil infrastructure was reportedly spared, limiting direct impact on oil supply.
Importance 40.0
Sentiment -10.0
loc
Attacks on shipping in the Bab-el-Mandeb Strait highlight ongoing risks to Middle Eastern oil and gas export routes, supporting supply concerns.
Importance 40.0
Sentiment -20.0
priv
Haitong Futures analysts commented on deteriorating navigation safety and reduced shipping transparency, affecting market tracking.
Importance 30.0
Sentiment 0.0
stock
ING analysts commented on the US-Iran deadlock and the drone attack on Russia — Novorossiysk, providing market context.
Importance 30.0
Sentiment 0.0
stock
Haitong Futures analysts noted deteriorating navigation safety in the region, reducing shipping transparency and complicating supply assessment.
Importance 30.0
Sentiment 0.0
loc
The port of Russia — Novorossiysk was targeted by a drone attack, but no damage to oil terminals was reported, so the impact on oil supply was minimal.
Importance 30.0
Sentiment -10.0
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Brent Crude
substitute
↔
West Texas Intermediate
Brent Crude is a global oil benchmark that serves as a substitute for West Texas Intermediate, with its pricing often in
Brent Crude
none
↔
Iran
Brent Crude is a global oil benchmark whose price is significantly impacted by Iran's geopolitical actions, particularly
Brent Crude
commodity
↔
United States
Brent Crude is a major global oil benchmark whose pricing is highly sensitive to United States geopolitical actions and
Brent Crude
unrelated
↔
Israel
Brent Crude is a global oil benchmark that has no direct structural or legal relationship with Israel, though its market
West Texas Intermediate
none
↔
Iran
West Texas Intermediate is a global crude oil benchmark whose prices are impacted by geopolitical events involving Iran,
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