OPEC has lowered its forecast for global oil demand in the second quarter by 500 thousand barrels per day, according to the cartel's monthly<a href="https://www.opec.org/monthly-oil-market-report.html"> report</a>. World demand for oil in the second quarter is now estimated at an average of 105.07 million barrels per day against 105.57 million barrels in the previous forecast.

OPEC cuts oil demand forecast for second quarter due to Iran war

Frontline plc

Nordic American Tankers Limited

DHT Holdings, Inc.

Teekay Tankers Ltd.

Solaris Energy Infrastructure, Inc.

The conflict between the U.S. and Israel and Iran has sharply reshaped the global oil market over the past three weeks. The Strait of Hormuz, through which around a fifth of global oil supply transits, has been effectively closed. Prices have reacted quickly: oil is up about 50% and gas 55% versus the end of February. Brent crude has stabilized around $100 per barrel, having briefly jumped to $119, while regional benchmarks Dubai crude and Oman crude are&nbsp;<a href="https://www.reuters.com/business/energy/middle-east-oil-benchmarks-hit-record-highs-war-cuts-supply-2026-03-16/#:~:text=Cash%20Dubai%20was%20assessed%20at%20a%20record%20%24157.66%20per%20barrel%20on%20Tuesday%20for%20May%2Dloading%20%E2%80%8Bcargoes%2C%20S%26P%20Global%20Platts%20said%2C%20surpassing%20Brent%20futures%27%20all%2Dtime%20high%20of%20%24147.50%20in%202008">above</a>&nbsp;$150 per barrel, with Dubai having&nbsp;<a href="https://www.cnbc.com/2026/03/19/166-a-barrel-middle-east-oil-gives-clue-to-where-all-prices-could-be-headed-if-iran-war-drags-on.html#:~:text=Dubai%2520crude%2520oil%2520prices%2520surpassed%2520%2524166%2520a%2520barrel%2520to%2520a%2520new%2520record%2520high%2520on%2520Thursday%252C%2520according%2520to%2520market%2520data%2520provider%2520Platts.">rising</a>&nbsp;as high as $166. Against this backdrop, seaborne oil transport, as a sector, is experiencing one of its strongest periods in recent years – longer routes are boosting ton-mile demand, and freight rates have <a href="https://en.sedaily.com/news/2026/03/14/container-freight-rates-surge-30-percent-since-us-iran#:~:text=Container%2520Freight%2520Rates%2520Jump%252030%2525%2520Since%2520US%252DIran%2520Conflict">risen</a>&nbsp;30-40% depending on the region.

Tankers and oilfield services: Eight stocks and one ETF being buoyed by the oil shock

Oil States International, Inc.

Prices are also affected by tensions surrounding Venezuela and China's willingness to purchase more raw materials.


Oil prices rose by 2%. The market saw no progress in the negotiations between Trump and Zelensky.

Shell plc

Chevron Corporation

BP p.l.c.

Exxon Mobil Corporation

Peace progress in Ukraine could reduce risks to Russia's supply of commodities

Oil has fallen in price by almost 3% over the day. Brent has the weakest annual dynamics since 2020

OPEC maintained its previous forecast for global oil supply and demand in 2026, expecting the market to be balanced. This goes against widespread forecasts of oversupply, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-12-11/opec-data-point-to-balanced-global-oil-market-in-2026?">notes</a>.

OPEC expects a "balanced" oil market in 2026 - contrary to Wall Street predictions

Over the past three weeks, investment banks have reduced their forecasts for the price of Brent oil for 2026 and 2027, according to Bloomberg consensus data, which were reviewed by Oninvest. The average expected oil price for 2026 decreased by 1.6% to $61.9, and for 2027 - by 2% to $66.5. Deutsche Bank has the most pessimistic forecast for next year among investment banks - $55 per barrel.

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Global oil demand will grow longer than expected, says Goldman Sachs

Oil price jumps after attack on major Russian export terminal

For the first time in his second term, Trump targeted Russia's biggest oil producers with sanctions

"One call will turn everything 180 degrees": what the oil market thinks about US sanctions

Oil prices up more than 5% due to new restrictions 

Chinese state-owned companies suspend Russian oil purchases due to sanctions - Reuters

Contracts for delivery of Mark Brent oil at the auction on October 10 fell by almost 4% - to $62.5 per barrel. Quotes of American oil West Texas Intermediate (WTI) also went down by more than 4% to $58.7 per barrel, which was their lowest since Ma. Both Marks approached one of the lowest price levels since the beginning of the pandemic,<a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-10-10-2025/card/this-is-some-of-the-cheapest-oil-since-the-pandemic-3Ib1AIOdXrLsmNXSu0Oi?mod=lctimeline_finance"> notes</a> The Wall Street Journal.

Oil demand