Oil Pulls Back as IEA Cuts Demand Outlook
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Oil prices have dipped below $100 as weaker demand outlooks and a pause in U.S.–Iran tensions shift market focus to upcoming diplomatic talks. The IEA's drastic slashing of 2026 global demand growth has also contributed to the decline in oil prices.
Oil prices have fallen below $100 due to weaker demand and a pause in US-Iran tensions. The IEA has cut its 2026 global demand growth forecast, contributing to the decline. The US blockade on vessels calling at Iranian ports has had a limited impact so far, with several Iran-linked tankers sailing through the Strait of Hormuz without interference. However, freight rates are rising due to the lack of diplomatic progress and potential escalation risks. Major oil companies such as ENI, BP, and TotalEnergies have made recent discoveries and investments in various regions, including Libya, Namibia, and Brazil.
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