OPEC cut its 2026 global oil demand growth forecast to 580,000 barrels per day in its monthly report published on the 12th, a fourth consecutive downward revision and a 200,000 barrel-per-day reduction, while raising its 2027 growth view to 2.16 million barrels per day from 1.94 million. Oil prices fell as weaker demand signals from OPEC and the International Energy Agency outweighed support from continued deadlock in U.S.-Iran negotiations, Reuters reported. Saudi Arabia's July crude production rebounded to 8.2 million barrels per day from 7.1 million in June, helping lift OPEC+ production to 37.66 million barrels per day, but about 780,000 barrels per day of Saudi output did not reach the market, pointing to export bottlenecks and higher storage as the Strait of Hormuz and Bab el-Mandeb Strait again came under threat. The IEA said renewed Middle East conflict could cut global oil supply by 4.3 million barrels per day this year, leaving supply at 102.02 million barrels per day and about 1.27 million barrels per day below demand, with a third-quarter deficit of 1.8 million barrels per day. Prediction-market pricing cited by Reuters implied a 3.9% chance of crude reaching a new all-time high by Sept. 30 and an 11.5% chance by Dec. 31, reflecting a more cautious outlook despite ongoing geopolitical risks.