The International Energy Agency has lowered its global oil demand forecast for 2026, expecting a drop of 1.6 million barrels per day, 510,000 barrels more than its July projection. The closure of the Strait of Hormuz continues to weigh on global supply, which remained 6.3 million barrels per day lower in July compared to the previous year. Brent crude prices topped $100 per barrel last month before falling to around $70, currently trading just under $90. U.S. crude oil stockpiles have fallen below 300 million barrels, their lowest level in over forty years. The International Monetary Fund has cut its economic growth forecast to 3% from 3.3% since the outbreak of the Iran conflict in February.
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