OPEC cuts global oil demand forecast due to Iran conflict.

OPEC has lowered its global oil demand forecast for the second quarter of 2026 by 500,000 barrels per day, citing ongoing conflict in the Middle East that has disrupted production and driven up fuel prices. The group now projects average demand at 105.07 million barrels per day, though it maintains its full-year outlook, expecting a rebound later in the year.