Oil Prices Drop 2% to $81.61 Amid Falling Demand and Tensions

Oil prices fell on Thursday, with U.S. West Texas Intermediate futures down 2% at $81.61 per barrel, while Brent crude decreased by 1.8% to $87.40 per barrel. The International Energy Agency reported that global oil demand is expected to decline further due to disruptions in the Middle East, with supply remaining 6.3 million barrels a day lower year-on-year as of July. Diplomatic efforts to reopen the Strait of Hormuz are ongoing, though concerns about maritime disruptions persist. This situation matters for ordinary investors as fluctuating oil prices can impact fuel costs and inflation rates.