WTI crude oil prices have fallen sharply after both OPEC and the International Energy Agency (IEA) lowered their forecasts for global oil demand growth in 2026, citing economic headwinds. Adding to the downward pressure, the U.S. Energy Information Administration (EIA) reported a surprisingly large build in commercial crude inventories, the biggest weekly increase since January 2023, signaling weaker near-term demand. These bearish demand signals are currently outweighing supply risks from ongoing Middle East tensions.