Crude oil prices declined on Thursday on lower global demand outlook and a rise in US inventories, despite supply disruptions due to the US-Iran war in the Middle East.
Brent futures declined 1.4% to $87.73 a barrel, while the US West Texas Intermediate (WTI) crude fell 1.53% to $82.00.
The Organisation of Petroleum Exporting Countries (OPEC) cut its world oil demand growth forecast for 2026 to 580,000 barrels per day.
However, the deadlocked US-Iran peace talks, and uncertainty over the Strait of Hormuz reopening provided support to oil prices.
There had been no progress in talks to revive the interim deal agreed in June and define a time frame to implement it, a senior Iranian official told Reuters.
Meanwhile, attacks on shipping in the Strait of Hormuz and the Bab el-Mandeb Strait on Tuesday, continue to flag risks to the crude supplies from the region.
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