Oil Holds Near $76 as OPEC Slashes 2026 Demand Forecast Again

Brent crude steadied near $76.24 and WTI near $72 after renewed U.S.-Iran strikes kept Hormuz supply risks elevated. The market absorbed a surprise 3-million-barrel U.S. crude build and record output near 13.9 million bpd, offset by a sharp SPR draw to its lowest level since 1983. The IEA warned of the first annual global demand decline since 2020, and OPEC further trimmed its 2026 growth forecast to 780,000 barrels a day while reporting a sharp June output rebound, leaving prices supported by geopolitics despite ample supply signals.