London:Oil prices have seen a continued decline on global markets, influenced by geopolitical developments and supply forecasts.

According to Azeri-Press news agency, Brent crude oil futures for January 2027 on the ICE London exchange decreased by $0.94, or 1.02%, settling at $91.63 per barrel. Similarly, WTI crude oil futures for December 2026 on the New York Mercantile Exchange (NYMEX) fell by $1.04, or 1.20%, to $85.81 per barrel.

Analysts attribute this decline primarily to the reduced risk of military tensions between the United States and Iran. US President Donald Trump's recent statement indicating a low likelihood of new military strikes against Iran has helped alleviate concerns over potential disruptions in oil supplies from the Middle East.

Additionally, forecasts suggesting that global oil supply will outpace demand are applying downward pressure on prices. As per JPMorgan analysts' estimates, global oil supply exceeded demand by 1.4 million barrels per day in October.