United Airlines says it will reduce some flights over the coming months as it prepares for a prolonged period of high fuel prices linked to the conflict involving Iran.

Global oil demand is projected to increase by 849,000 barrels per day (bpd) in 2026, according to the latest report from the International Energy Agency (IEA).

Oil prices fell as traders shifted focus to the outlook for rising supplies in the United States and other regions, while the recent furore over Greenland eased.

Japan’s main stock indexes closed at record highs on Tuesday, buoyed by strong buying amid expectations that U.S. companies may gain access to Venezuelan resources following recent developments involving the oil-rich country.

Oil prices rose on Tuesday, recovering from the previous session's losses, supported by a slightly optimistic short-term market outlook and stronger-than-expected U.S. economic data, despite thin trading volumes ahead of the Christmas holiday.

Oil prices fell on Monday as new data revealed a decline in China's inflation rate, raising concerns about the country's economic health and fuel demand.

Oil supply from OPEC+ countries could reach 62.9 million barrels per day (bpd) by 2050, up from 50.3 million bpd in 2023, to OPEC's long-term World Oil Outlook.