On June 27, 2026, the oil tankers “Al Rikka” (L) and “Al Yarmouk” sail in the waters of the Arabian Gulf off the coast of Kuwait City.
Yasser Al Zayat | AFP | Getty Images
Oil prices fell on Thursday as investors weighed weaker global demand against continued supply disruptions in the Middle East.
Last month 4:39 a.m. ET brent crude oil Futures fell 1.4% to $87.66 per barrel. us West Texas Intermediate Crude Oil Futures It fell 1.5% to $82 per barrel.
Prices rose overnight.
brent
Global oil demand is expected to fall further than previously expected this year, the International Energy Agency said on Wednesday, as the impact of the closure of the Strait of Hormuz worsens.
The IEA said “renewed hostilities and maritime disruption” were undermining efforts to expand global oil supplies. Supply in July was down 6.3 million barrels per day from the same month last year.
Meanwhile, deadly attacks on ships in the Gulf of Oman and the Red Sea have spooked investors, and spills near Oman continue to escalate.
Oman’s coastline has begun to feel the effects of a major oil spill caused by a leaking tanker that ran aground on June 30 carrying an estimated 800,000 barrels of Russian crude oil and is reportedly under international sanctions, according to Reuters. According to Reuters, the leak occurred near a nature reserve in the Arabian Sea that is home to humpback whales, socotraut and other wildlife.
Additionally, deadly attacks on ships in the Gulf of Oman and the Red Sea have further heightened concerns about supply disruptions. While there are signs that diplomatic efforts are underway to reopen the Strait of Hormuz, more than five months of war continue to disrupt energy flows.
“Oil prices could be exposed to upside as markets remain tight due to uncertainty over the likelihood of a full waterway reopening,” said Christopher Tuthill, senior market strategist at Exnes, adding that any further setback could push oil prices further higher.
