Oil prices were lower today trading down as traders grew less nervous about escalation and a wider conflict in the Middle East. “The markets had priced in an imminent attack by Iran against Israel within 24 to 48 hours,” said Phil Flynn, senior analyst at Price Futures Group. “That hasn’t happened. The market is taking that risk premium out of the price for crude.” the Organization of the Petroleum Exporting Countries cut expected demand in 2024 even though the group and its allies, known as OPEC+, aim to raise output from October. The International Energy Agency kept its 2024 global oil demand growth forecast unchanged but trimmed its 2025 estimate, citing the impact of lackluster Chinese consumption on economic growth. WTI traded down $1.71 or -2.14% to close at $78.35. Brent traded down $1.61 or -1.96% to close at $80.69.