Oil Prices Fall on Weak Demand Forecasts; Iran Tensions Keep Supply Risks High

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Global oil prices have declined following downward revisions to demand growth forecasts by both OPEC and the International Energy Agency. A significant rise in US crude inventories has further weighed on prices. However, supply-side risks remain elevated due to ongoing geopolitical tensions in key shipping lanes, including the Strait of Hormuz and Bab el-Mandeb Strait. Nuclear negotiations between Iran and the United States have yet to reach a resolution, adding to market uncertainty.

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