HOUSTON: Oil prices dropped on Thursday due to falling demand, retreating fears of renewed Middle East conflict and expected increases in supply. Brent crude oil futures settled at US$67.52 a barrel down US$1.88, or 2.71%. Global oil demand will rise more slowly than previously expected this year, the International Energy Agency said on Thursday, while projecting a sizeable surplus despite outages that cut supply in January. "The fact that President Trump continues to negotiate with Iran would lead to a reduction of geopolitical risk," said Andrew Lipow, president of consultancy Lipow Oil Associates. The IEA forecast offered a "pretty significant" reduction in demand for 2026, Lipow said.

Source: The Star February 12, 2026 23:45 UTC