US-Iran war, Aug. 13 -- Oil prices declined by more than $1 a barrel on Thursday after analysts cut their forecasts for global oil demand in 2026, citing disruptions caused by the US-Israeli conflict with Iran. However, concerns over supply disruptions stemming from the conflict continued to limit the downside in prices.

Brent crude futures had fallen $1.29, or 1.5%, to $87.69 a barrel, while US West Texas Intermediate (WTI) crude declined $1.30, or 1.6%, to $81.97 a barrel.

On the diplomatic front, there was little indication of progress toward reopening the waterway, with US President Donald Trump claiming that Washington has "total control" over the strategic conduit.

Negotiations between the US and Iran appear to have reached an im...