The Ateela 2 Oil Tanker boat navigates the sea on April 28, 2026 on Qeshm Island, Iran in the Strait of Hormuz.

Asghar Besharati | Getty Images

Oil was struggling for direction Thursday as traders weighed OPEC 's lower demand outlook for this year, while the International Energy Agency flagged greater volatility ahead.

International benchmark Brent crude futures for July were down 0.21% at $105.42 a barrel, while U.S. West Texas Intermediate futures for June fell 0.16% at $100.87 per barrel. Both had started the day marginally higher.

OPEC cut its demand growth estimates for 2026 to about 1.2 million barrels per day, from 1.4 million bpd previously, in its latest monthly update.…