IEA Cuts Demand Outlook, Leading to Oil Price Decline
Oil prices have fallen below $100 as the International Energy Agency (IEA) lowers its demand forecast, influenced by reduced shipping activity in the Strait of Hormuz and ongoing U.S.-Iran tensions. The situation has shifted market focus toward potential diplomatic talks and risks of escalation. ENI and BP have made recent energy-related announcements.
Topics: Baker Hughes sale BP expansion ENI discovery freight rates Hormuz Strait IEA demand outlook oil prices U.S.-Iran tensions