August WTI Crude Oil futures marked their seventh lower low in eight sessions, continuing a downward trajectory despite ongoing U.S.-Iran peace talks. Traders are closely monitoring the upcoming EIA report, as U.S. commercial crude inventories sit 5% below the five-year average following accelerated draws since the Hormuz closure. Meanwhile, global demand forecasts have shifted dramatically. The EIA now projects a 1.1 million barrel per day drop in 2026, reversing previous growth estimates due to conservation initiatives and curtailed exports across Asia. Continued forecast reductions could signal broader economic headwinds ahead.