Oil prices fell as sharply weaker 2026 demand forecasts and a huge U.S. inventory build outweighed persistent geopolitical risks around the Strait of Hormuz.

LONDON, Aug 12 : Oil prices fell in volatile trading on Wednesday, having earlier traded $1 higher, after forecasters cut projections for 2026 global oil demand, while attacks on…

IEA cuts 2026 oil demand forecast due to Strait of Hormuz closure. Crude oil reaching a new all-time high by September 30 at 3.8% YES, by December 31 at 12.5% Y.