Trending News: LNG ships halted at strait deadline nearsU.S. Oil Premiums Hit Record High as World Scrambles for CrudeQatar’s LNG Exports Still Frozen as Two Tankers U-Turn at HormuzIndia Back to Buying Venezuelan CrudeCarbon Capture Edges Forward Despite Cost ChallengeInvestors Press Amazon, Microsoft and Google on Water, Power Use in US Data CentersUS Crude Exports Test Limits as Shipping Constraints MountPhillips 66 Faces $900 Million Loss as Iran Crisis Lifts Oil PricesEnergy Shock Prompts Analysts to Cut India’s GDP Growth ForecastsTrump Says Tuesday Deadline to Make a Deal With Iran is FinalTrump Says Iran Could be ‘Taken Out’ on Tuesday, Hegseth Says Major Strikes to ComeBuyout Firm ECP to Re-Acquire Nuclear Services Firm EnergySolutionsUkraine Steps Up Drone Attacks on Russian Oil InfrastructureOil Prices Fall After US and Iran Receive Framework Ceasefire ProposalTrump’s New Deadline Looms With Mediators Pushing for TruceOil Shock Is Adding Stress to the Global EconomyUS Crude Premiums Climb to Record Levels as Asia, Europe Compete for SupplyNearly 50 Qatar LNG Tankers Sit Idle Across AsiaPakistan Emerges as Key Mediator in Push to End Hormuz CrisisSaudi Arabia Sets Record Premium for Flagship Crude as Hormuz Crisis DeepensQatar LNG Tankers Make First Move Through Hormuz Since War BeganTwo More Indian LPG Tankers Clear Strait of HormuzOPEC+ Decides to Boost Production in MayAtlas Copco completes $16.9m SDC buyItaly Ready to Restart Coal-Fired Plants, Postpone Total Coal PhaseoutCERC Issues First Amendment To 2022 REC Regulations, Introducing VPPAs And New Certificate MultipliersSukošan Solar Power Plant Set For 45 MW Grid Connection And New 110/33 kV Substation ConstructionJakson Green Signs $465 Million Green Ammonia Supply Agreement with SECI Under National Green Hydrogen MissionTrump Says US Could ‘Take the Oil’ in Hormuz PushOPEC Commits to Boost Output Once Hormuz ReopensIraq Scrambles to Stabilize Exports as Iran Grants PassageOil Market Weighs Early Signs of Potential De-EscalationBlueWave Expands Legal Leadership As Becky Limmer Takes On Portfolio Support For Solar, Storage, And Infrastructure ProjectsAdani Green Energy Surges 8% Amid Record Derivatives Activity, Investors Show Strong AccumulationFirst Western European Vessel Transits Hormuz Since War BeganCuba Frees 2,000 Prisoners Amid Oil Supply CrunchMediators Said to Seek Ceasefire as Trump Escalates Iran ThreatsTrump Threatens to Hit Iran Infrastructure on Tuesday if Strait Remains BlockedVision 2030: Why system alignment is critical to 2030 targetsMasirah Oil to start three-well drilling program at Oman’s Yumna field in MayUS Intelligence Warns Iran Unlikely to Ease Hormuz Strait Chokehold SoonMnSEIA, SEIA, And CCSA Criticize Minnesota’s Approval Of Xcel’s 200 MW Battery Program, Warning Of Risks To RatepayersVictron Energy Demonstrates Integrated Energy Solutions at Solar & Storage Live Africa 2026 in JohannesburgBrazil Advances Tangará Project: New Transformers And 500 kV Line Upgrade Boost Reliability In Maranhão And ParáSmarter Power, Brighter Africa: Pylontech Deepens Presence in South Africa with All-Scenario Solutions and Local Service CenterHD Hyundai Energy Solutions Secures $85 Million Module Supply Deal for U.S. Solar ProjectTrump Says US Can Take Strait of Hormuz With More Time, Take the Oil and Make a FortuneChina Sets 2029 Deadline to Shut Down Outdated Petrochemical PlantsIndia Passes on Iranian Oil as Sanctioned Tanker Redirects to ChinaIndia’s Russian Crude Imports Jump 90% in March After U.S. WaiverUAE’s Biggest Gas Plant Forced Offline for Second Time Since War BeganOil Giants Show Early Interest in US Gulf Deepwater Field StakeEurope Braces for Prolonged Energy Crisis as Supplies TightenJP Morgan Sees $150 Oil if Hormuz Remains Closed Through Mid-MayCanada’s Synthetic Crude Soars 200% as War Chokes Diesel SupplyWhy Has the WTI Oil Price Surpassed Brent?Top Stories Of The Day: Cosmic PV Files ₹640 Cr IPO; Neuron Launches BESS Facility and More…OPEC+ Prepares Paper Oil Barrels While Exports StallOil Majors Eye U.S. Offshore Asset as Supply Crunch IntensifiesJapan’s JERA Cancels Long-Term LNG Deal With CommonwealthUS Utility-Scale Solar Developers Rush To Safe Harbor Massive Capacity Ahead Of Internal Revenue Service (IRS) And Policy DeadlinesBarro Alto Solar Complex Expands Its Capacity And Strengthens Renewable Generation In Brazil’s Electricity SectorMorro do Chapéu Project Reaches Key Milestone As 500 kV Medeiros Neto II–João Neiva 2 Line Begins OperationSonaura To Supply Albéa’s Scheßlitz Factory With Long-Term Solar Power Through New Private-Wire PPARussia Preparing to Send 2nd Oil Tanker to CubaLNG storage strategies swing into actionChina Directs Private Refiners to Maintain Fuel Output Even At A Loss40% of Russia’s Baltic Oil Export Capacity Offline as Gasoline Ban WidensUS Crude Jumps More Than 11%, Brent Nearly 8% After Trump Vows More Attacks on IranUS Regulators Grant California’s Last Nuclear Power Plant 20-Year Operating Life ExtensionUS Drillers Add Oil and Gas Rigs for First Time in Three Weeks, Baker Hughes SaysUK Hosts 36-Country Summit to Reopen Strait of HormuzMicrosoft in Talks With Chevron, Engine No. 1 Over $7 Billion Texas Power PlantUS Not Engaged in Any Talks About New Oil Stocks Release, Official SaysBP Names Carol Howle as Deputy CEO, to Oversee Portfolio Review, StrategyTrump Speech Unleashes More Pain on US Consumers With $5 Gasoline, Record Diesel in SightAustralia Considers Emergency Powers to Protect Domestic Gas SupplyDOE’s Section 202(c) Emergency Orders Since May 2025: 43 and CountingArtemis II sets off on cryogenics-fuelled MoonshotOil Surges on Fears of Prolonged WarADNOC Chief Urges Global Action as Iran Chokes Hormuz Energy FlowsIndia Accelerates Shift to Piped Gas as LPG Crisis DeepensIndia Waives Import Tax on Petrochemicals as War Roils Supply ChainsPulsar Helium appoints new President to advance Minnesota helium projectOil Is in the Middle of a Geopolitical Knife FightCairn Oil & Gas Begins Sourcing 25 MW Of Captive Renewable Hybrid Power Through Partnership With Serentica Renewables India Pvt. Ltd.Takeaways From Trump’s speech on IranOil Prices Jump Over 7% After Trump Says Attacks on Iran Will ContinueInvestor Reactions to Trump’s Speech on Iran WarTotalEnergies and Masdar form $2.2bn Asia renewables joint ventureTrump’s Renewed Iran Threats Drive Oil HigherVenezuela Oil Exports Top 1 Million Bpd in MarchWTI Jumps 51% in a Month on Iran War Supply ShockResonia Ltd. Wins Major Karnataka ISTS Project From The Karnataka Electricity Regulatory Commission (KERC) To Strengthen The Southern GridCCUS makes funding progress but barriers remainGlenfarne Group targets Q2 FID for Texas LNG as trading arm expandsAvangrid Foundation Celebrates Major Milestone As Employees Deliver 42,000 Volunteer Hours In 2025Neoen Advances 100 MW Ako Battery Storage Project, Strengthening Japan’s Grid Stability PushMixed Trends In Indian Green Energy Stocks Reflect Cautious Investor Sentiment On April 2Analysis: Stranded containers create global helium supply bottleneck
Tue. Apr 7th, 2026
Trending News: LNG ships halted at strait deadline nearsU.S. Oil Premiums Hit Record High as World Scrambles for CrudeQatar’s LNG Exports Still Frozen as Two Tankers U-Turn at HormuzIndia Back to Buying Venezuelan CrudeCarbon Capture Edges Forward Despite Cost ChallengeInvestors Press Amazon, Microsoft and Google on Water, Power Use in US Data CentersUS Crude Exports Test Limits as Shipping Constraints MountPhillips 66 Faces $900 Million Loss as Iran Crisis Lifts Oil PricesEnergy Shock Prompts Analysts to Cut India’s GDP Growth ForecastsTrump Says Tuesday Deadline to Make a Deal With Iran is FinalTrump Says Iran Could be ‘Taken Out’ on Tuesday, Hegseth Says Major Strikes to ComeBuyout Firm ECP to Re-Acquire Nuclear Services Firm EnergySolutionsUkraine Steps Up Drone Attacks on Russian Oil InfrastructureOil Prices Fall After US and Iran Receive Framework Ceasefire ProposalTrump’s New Deadline Looms With Mediators Pushing for TruceOil Shock Is Adding Stress to the Global EconomyUS Crude Premiums Climb to Record Levels as Asia, Europe Compete for SupplyNearly 50 Qatar LNG Tankers Sit Idle Across AsiaPakistan Emerges as Key Mediator in Push to End Hormuz CrisisSaudi Arabia Sets Record Premium for Flagship Crude as Hormuz Crisis DeepensQatar LNG Tankers Make First Move Through Hormuz Since War BeganTwo More Indian LPG Tankers Clear Strait of HormuzOPEC+ Decides to Boost Production in MayAtlas Copco completes $16.9m SDC buyItaly Ready to Restart Coal-Fired Plants, Postpone Total Coal PhaseoutCERC Issues First Amendment To 2022 REC Regulations, Introducing VPPAs And New Certificate MultipliersSukošan Solar Power Plant Set For 45 MW Grid Connection And New 110/33 kV Substation ConstructionJakson Green Signs $465 Million Green Ammonia Supply Agreement with SECI Under National Green Hydrogen MissionTrump Says US Could ‘Take the Oil’ in Hormuz PushOPEC Commits to Boost Output Once Hormuz ReopensIraq Scrambles to Stabilize Exports as Iran Grants PassageOil Market Weighs Early Signs of Potential De-EscalationBlueWave Expands Legal Leadership As Becky Limmer Takes On Portfolio Support For Solar, Storage, And Infrastructure ProjectsAdani Green Energy Surges 8% Amid Record Derivatives Activity, Investors Show Strong AccumulationFirst Western European Vessel Transits Hormuz Since War BeganCuba Frees 2,000 Prisoners Amid Oil Supply CrunchMediators Said to Seek Ceasefire as Trump Escalates Iran ThreatsTrump Threatens to Hit Iran Infrastructure on Tuesday if Strait Remains BlockedVision 2030: Why system alignment is critical to 2030 targetsMasirah Oil to start three-well drilling program at Oman’s Yumna field in MayUS Intelligence Warns Iran Unlikely to Ease Hormuz Strait Chokehold SoonMnSEIA, SEIA, And CCSA Criticize Minnesota’s Approval Of Xcel’s 200 MW Battery Program, Warning Of Risks To RatepayersVictron Energy Demonstrates Integrated Energy Solutions at Solar & Storage Live Africa 2026 in JohannesburgBrazil Advances Tangará Project: New Transformers And 500 kV Line Upgrade Boost Reliability In Maranhão And ParáSmarter Power, Brighter Africa: Pylontech Deepens Presence in South Africa with All-Scenario Solutions and Local Service CenterHD Hyundai Energy Solutions Secures $85 Million Module Supply Deal for U.S. Solar ProjectTrump Says US Can Take Strait of Hormuz With More Time, Take the Oil and Make a FortuneChina Sets 2029 Deadline to Shut Down Outdated Petrochemical PlantsIndia Passes on Iranian Oil as Sanctioned Tanker Redirects to ChinaIndia’s Russian Crude Imports Jump 90% in March After U.S. WaiverUAE’s Biggest Gas Plant Forced Offline for Second Time Since War BeganOil Giants Show Early Interest in US Gulf Deepwater Field StakeEurope Braces for Prolonged Energy Crisis as Supplies TightenJP Morgan Sees $150 Oil if Hormuz Remains Closed Through Mid-MayCanada’s Synthetic Crude Soars 200% as War Chokes Diesel SupplyWhy Has the WTI Oil Price Surpassed Brent?Top Stories Of The Day: Cosmic PV Files ₹640 Cr IPO; Neuron Launches BESS Facility and More…OPEC+ Prepares Paper Oil Barrels While Exports StallOil Majors Eye U.S. Offshore Asset as Supply Crunch IntensifiesJapan’s JERA Cancels Long-Term LNG Deal With CommonwealthUS Utility-Scale Solar Developers Rush To Safe Harbor Massive Capacity Ahead Of Internal Revenue Service (IRS) And Policy DeadlinesBarro Alto Solar Complex Expands Its Capacity And Strengthens Renewable Generation In Brazil’s Electricity SectorMorro do Chapéu Project Reaches Key Milestone As 500 kV Medeiros Neto II–João Neiva 2 Line Begins OperationSonaura To Supply Albéa’s Scheßlitz Factory With Long-Term Solar Power Through New Private-Wire PPARussia Preparing to Send 2nd Oil Tanker to CubaLNG storage strategies swing into actionChina Directs Private Refiners to Maintain Fuel Output Even At A Loss40% of Russia’s Baltic Oil Export Capacity Offline as Gasoline Ban WidensUS Crude Jumps More Than 11%, Brent Nearly 8% After Trump Vows More Attacks on IranUS Regulators Grant California’s Last Nuclear Power Plant 20-Year Operating Life ExtensionUS Drillers Add Oil and Gas Rigs for First Time in Three Weeks, Baker Hughes SaysUK Hosts 36-Country Summit to Reopen Strait of HormuzMicrosoft in Talks With Chevron, Engine No. 1 Over $7 Billion Texas Power PlantUS Not Engaged in Any Talks About New Oil Stocks Release, Official SaysBP Names Carol Howle as Deputy CEO, to Oversee Portfolio Review, StrategyTrump Speech Unleashes More Pain on US Consumers With $5 Gasoline, Record Diesel in SightAustralia Considers Emergency Powers to Protect Domestic Gas SupplyDOE’s Section 202(c) Emergency Orders Since May 2025: 43 and CountingArtemis II sets off on cryogenics-fuelled MoonshotOil Surges on Fears of Prolonged WarADNOC Chief Urges Global Action as Iran Chokes Hormuz Energy FlowsIndia Accelerates Shift to Piped Gas as LPG Crisis DeepensIndia Waives Import Tax on Petrochemicals as War Roils Supply ChainsPulsar Helium appoints new President to advance Minnesota helium projectOil Is in the Middle of a Geopolitical Knife FightCairn Oil & Gas Begins Sourcing 25 MW Of Captive Renewable Hybrid Power Through Partnership With Serentica Renewables India Pvt. Ltd.Takeaways From Trump’s speech on IranOil Prices Jump Over 7% After Trump Says Attacks on Iran Will ContinueInvestor Reactions to Trump’s Speech on Iran WarTotalEnergies and Masdar form $2.2bn Asia renewables joint ventureTrump’s Renewed Iran Threats Drive Oil HigherVenezuela Oil Exports Top 1 Million Bpd in MarchWTI Jumps 51% in a Month on Iran War Supply ShockResonia Ltd. Wins Major Karnataka ISTS Project From The Karnataka Electricity Regulatory Commission (KERC) To Strengthen The Southern GridCCUS makes funding progress but barriers remainGlenfarne Group targets Q2 FID for Texas LNG as trading arm expandsAvangrid Foundation Celebrates Major Milestone As Employees Deliver 42,000 Volunteer Hours In 2025Neoen Advances 100 MW Ako Battery Storage Project, Strengthening Japan’s Grid Stability PushMixed Trends In Indian Green Energy Stocks Reflect Cautious Investor Sentiment On April 2Analysis: Stranded containers create global helium supply bottleneck
Tue. Apr 7th, 2026

Oil Prices Edge Lower as IEA Reduces Demand Forecast

Summary

  • Trump says talks with Tehran will continue
  • Large build in US crude stocks caps price gains
  • IEA lowers global oil demand forecast for 2026

(Reuters) – Oil prices slipped on Thursday as investors weighed the International Energy Agency’s lowering of its global oil demand forecast for 2026 against potential escalation of U.S.-Iran tensions.

Brent crude oil futures were down 19 cents, or 0.27%, at $69.21 a barrel by 1232 GMT. U.S. West Texas Intermediate crude fell 8 cents, or 0.12%, to $64.55.

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Global oil demand will rise more slowly than previously expected this year, the IEA said on Thursday while projecting a sizeable surplus despite outages that cut supply in January.

The Brent and WTI benchmarks reversed gains to turn negative after the IEA’s monthly report, having derived support earlier from concerns over the U.S.-Iran backdrop.

U.S. President Donald Trump said after talks with Israeli Prime Minister Benjamin Netanyahu on Wednesday that they had yet to reach a definitive agreement on how to move forward with Iran but that negotiations with Tehran would continue.

Trump had said on Tuesday that he was considering sending a second aircraft carrier to the Middle East if a deal is not reached with Iran. The date and venue of the next round of talks have yet to be announced.

A hefty build in U.S. crude inventories had capped the early price gains. U.S. crude inventories rose by 8.5 million barrels to 428.8 million barrels last week, the Energy Information Administration said, far exceeding the 793,000 increase expected by analysts in a Reuters poll.

U.S. refinery utilisation rates dropped by 1.1 percentage points in the week to 89.4%, EIA data showed.

On the supply side, Russia’s seaborne oil products exports in January rose by 0.7% from December to 9.12 million metric tons on high fuel output and a seasonal drop in domestic demand, data from industry sources and Reuters calculations showed.

Reporting by Enes Tunagur in London Additional reporting by Sam Li and Lewis Jackson in Beijing Editing by David Goodman

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