{
  "id": 720077,
  "title": "Oil drops on lower demand forecasts despite deadlock in US-Iran talks",
  "url": "https://urgent.news/2026/08/13/oil-drops-on-lower-demand-forecasts-despite-deadlock-in-us-iran-talks-720077",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-13T01:07:51.000Z",
  "source": {
    "name": "CNA - Business",
    "slug": "cna-business",
    "url": "https://www.channelnewsasia.com/business/oil-drops-lower-demand-forecasts-despite-deadlock-in-us-iran-talks-6316176"
  },
  "original_language": "en",
  "account": "Oil prices tumbled more than 2 percent on Thursday, marking a reversal from a week-long rally, as market participants scrutinized evidence of subdued global demand and a significant increase in U.S. crude inventories. Initially, Brent and U.S. crude futures contracts dropped after experiencing over 3.5 percent declines earlier in the session following reports that Yemen's Houthi rebels had targeted a Saudi Aramco refinery with drones, reigniting concerns about potential supply disruptions in a market already experiencing tight conditions. Brent futures concluded the session $1.91, or 2.15 percent, lower at $87.07 per barrel, having retreated from a six-session peak, while U.S. West Texas Intermediate (WTI) crude fell $2.02, or 2.4 percent, to $81.25 per barrel after five consecutive days of gains. This downward trend was further fueled by data from the U.S. Energy Information Administration (EIA) revealing that U.S. commercial crude oil inventories experienced their most substantial weekly increase since January 2023, with exports contracting. Inventories expanded by 17.4 million barrels to 424.4 million barrels in the week ending August 7, marking the highest level since June 5. OPEC reduced its global oil demand growth forecast for 2026 to 580,000 barrels per day in its recent market report, while the International Energy Agency (IEA) projected a contraction of 1.6 million barrels per day (bpd) this year, in contrast to a prior forecast of a 1 million bpd decline. The downward pressure on prices was exacerbated by a report from Yemen's Houthi-run Saba news agency alleging that the militant group had struck an Aramco refinery in Saudi Arabia's Jazan with two drones on Thursday, sending diesel prices to a record high. The Jazan refinery, capable of producing 250,000 bpd of ultra-low sulfur diesel, was reportedly targeted in retaliation for what the group claimed were Saudi violations of Yemeni airspace and sovereignty in Saada and Hajjah provinces. Saudi Arabia has yet to provide any response regarding the reported incident.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Channel News Asia",
        "title": "Oil drops on lower demand forecasts despite deadlock in US-Iran talks",
        "url": "https://urgent.news/2026/08/13/oil-drops-on-lower-demand-forecasts-despite-deadlock-in-us-iran-talks",
        "published": "2026-08-13T01:07:51.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}