Oil extends losses as Trump calls off planned strikes on Iran

OPEC lowers 2026 oil demand growth forecast to 970,000 bpd, raises 2027 demand growth

Oil prices fell over $1 on Friday, extending losses from the ‌previous session after U.S. President Donald Trump cancelled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week.
Brent futures fell $1.83 or 2% to $88.55 a barrel at 0410 GMT, while U.S. West Texas Intermediate (WTI) crude dropped $1.60, or 1.8%, ​to $86.11.

Source: Reuters