Oil Falls 3% to $96.92 as OPEC Keeps Demand Forecasts Unchanged
BNO•Oil prices fell 3% after reports President Trump would not restart a war with Iran, and Brent slid to $96.92 with WTI at $95.24 following an Israel-Lebanon ceasefire lifting Hormuz supply concerns. OPEC left demand-growth forecasts unchanged, even as Iranian crude hit discounts due to soft Chinese demand.
1. Oil Price Slide on Iran War Reports
Oil prices declined 3% after reports that President Trump would not restart military action in Iran without U.S. casualties, weighing on market sentiment.
2. Ceasefire Sparks Hormuz Optimism
A ceasefire agreement between Israel and Lebanon eased fears of supply disruption through the Strait of Hormuz, sending Brent futures to $96.92 a barrel and WTI to $95.24.
3. OPEC Maintains Demand Growth Estimates
OPEC’s secretary general confirmed that the cartel’s projections for global oil demand growth will remain unchanged, reflecting expectations for continued consumption gains.
4. Iranian Crude Priced at Discounts
Iranian crude grades fell into discounts for the first time since April due to soft demand from China, while Russian crude premiums also narrowed as traders lowered offers.
