Oil Prices Drop on IEA 2026 Demand Outlook Release

Global crude oil prices fell on February 12, 2026, following the International Energy Agency's (IEA) release of a revised 2026 demand forecast. The updated outlook lowered medium-term demand growth expectations, pressuring Brent crude and West Texas Intermediate (WTI) benchmarks. On the day of the report, Brent crude CLTU3 ended down 2.4% at $82.30 per barrel, and WTI CLT8 fell 1.9% to $78.40 per barrel. The IEA's revised numbers reflect revised economic growth assumptions and reduced energy efficiency gains, contributing to a more bearish medium-term outlook.