Oil prices fell over 1% on Thursday as markets weighed macroeconomic concerns, including the risk that tariff wars between the U.S. and other countries could hurt global demand as well as uncertainty stemming from a U.

Oil futures face downside risks as U.S. output climbs and OPEC+ remains flexible. Will geopolitical tensions disrupt supply and shift market sentiment?

The International Energy Agency said the macroeconomic conditions underpinning its oil-demand projections have worsened over the past month due to global trade tensions.

Oil prices slipped on Thursday as markets weighed macroeconomic concerns, including the risk that tariff wars between the U.S. and other countries could hurt global demand. Brent futures were down 54 cents,

Global oil demand is under pressure from the escalating trade war at the same time that OPEC+ is reviving output, threatening to deepen a supply surplus, the International Energy Agency said.