Singapore, August 13 (QNA) - Oil prices fell more than $1 on Thursday as forecasters lowered global oil demand projections for 2026 because of the disruptions from the US-Israeli war on Iran, though the supply constraints from the conflict provided a floor for the market.

Brent futures dropped $1.29, or 1.5%, at $87.69 a barrel. US West Texas Intermediate (WTI) crude ‌fell $1.30, or ⁠1.6%, to $81.97.

The ⁠Organization of Petroleum Exporting Countries lowered its world oil demand growth forecast for 2026 to 580,000 ​barrels per day in its monthly oil market report on Wednesday.

On the same day, the International ​Energy Agency (IEA) said it expects a 1.6 million bpd contraction in consumption this year. (QNA)