Brent Falls to $104

Brent crude fell to around $104 a barrel on Thursday as traders weighed mounting shipping risks in the Strait of Hormuz against concerns over weakening global demand. The sinking of a Singapore-registered vessel in the strategic waterway and continued Iranian threats against US warships heightened fears of a prolonged regional conflict. Meanwhile, Houthi missile and drone attacks on Saudi Arabia raised further concerns about potential disruptions to exports, with some tankers reportedly avoiding their usual loading areas. The IEA warned that diesel market tightness could persist into next year, while forecasting global oil consumption would contract by 2.6 million barrels per day in 2026. It also noted that land-based inventories had fallen close to their lowest levels in at least a decade. The latest industry data showed US crude stocks declined by 11.1 million barrels last week.