Oil Prices Sink as IEA Lowers 2025 Demand Growth Forecast

With the Israel Hamas conflict continuing to mount and even reports of the United States preparing to ship $750 million worth of bombs to Saudi Arabia, oil prices are trending lower due to Tuesday’s IEA report that forecast lower oil demand growth in 2025 than it was previously predicting.  The IEA didn’t change its 2024 forecast, but the oil markets recoiled at the prospect of smaller oil demand growth next year, rising only 950,000 bpd—just a 30,000 bpd reduction from its previous forecast.  At 11:46 pm CST, Brent…