Crude oil futures traded lower on Thursday morning as forecasts by the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) predicted a decline in crude oil demand in 2026.At 9.40 am on Thursday, October Brent oil futures were at $88.55, down by 0.48 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $82.76, down by 0.61 per cent. August crude oil futures were trading at ₹7892 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday, against the previous close of ₹7928, down by 0.45 per cent, and September futures were trading at ₹7814, against the previous close of ₹7845, down by 0.40 per cent.OPEC’s Monthly Oil Market Report for August said global oil demand is forecast to grow by 0.58 million barrels a day in 2026, y-o-y, following a slight downward revision from last month’s assessment. The OECD is forecast to slightly decline by about 40,000 barrels a day, while the non-OECD is forecast to grow by about 0.6 million barrels a day.IEA’s Oil Market Report for August said world oil demand is forecast to decline by 1.6 million barrels a day in 2026, 510,000 barrels a day more than its estimate in last month’s report, as the ongoing closure of the Strait of Hormuz and elevated fuel prices continue to weigh on oil consumption. Annual contractions will nevertheless ease from 4.9 million barrels a day in the second quarter of 2026 to 2.8 million barrels a day in the third quarter of 2026, before returning to growth in the final quarter. The report said that elevated fuel prices are putting further downward pressure on oil use.Meanwhile, US President Donald Trump took to Truth Social to state that the US is controlling the Strait of Hormuz. In a post on Truth Social, he said: “The U.S.A. has total control over the Strait of Hormuz. I THINK WE WILL KEEP IT! Our Naval Blockade is being called, by everyone, “A WALL OF STEEL,” and there is nothing Iran can do about it. They have no Navy, they have no Air Force, their remaining soldiers are unpaid, the IRGC is decimated and fleeing, and their “Leadership” is uncertain, at best! They have No Money - Their country is “shot.” All they have is FAKE NEWS and 300% INFLATION, and getting worse! Iran is all talk and no action, the Bully of the Middle East No Longer.”In their Commodities Feed for Thursday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices edged lower through much of Wednesday’s session; Brent crude ended the day largely flat. There was little in the way of fresh developments between the US and Iran, with both sides remaining in a deadlock. Meanwhile, the latest large drone attack on Russia’s Novorossiysk port appears to have spared oil infrastructure, with no reports of damage to oil terminals as of now, they said.Published on August 13, 2026