Reuters: Oil prices fell on Wednesday as markets focused on weaker global demand forecasts, while there was still no progress toward reopening the Strait of Hormuz. Brent crude fell 0.47% to $88.56 per barrel, while U.S. West Texas Intermediate crude dropped 0.66% to $82.72, trimming gains from recent sessions.

An Iranian senior official said that there has been no progress in negotiations between Washington and Tehran to revive a temporary deal reached in June, while analysts describe the talks as a stalemate. The lack of progress on Hormuz continues to support oil prices.

Attention has also turned to weakening demand. U.S. crude inventories rose by 17.4 million barrels last week to 424.4 million barrels, the highest level since June 5, while OPEC cut its forecast for global oil demand growth for 2026 by 580,000 barrels per day and the International Energy Agency expects consumption to fall by 1.6 million barrels per day. Despite a weaker outlook, the continuing stalemate between Iran and the United States and disruptions around the Persian Gulf keep a floor under prices.