The Organization of the Petroleum Exporting Countries cut this year's forecast for global oil-demand growth again, as escalating attacks on Gulf shipping and Houthi strikes on Saudi Arabia raise fresh risks to regional supplies.

The group of oil-rich countries now expects global demand to grow by 180,000 barrels a day, down from 380,000 barrels a day previously. However, it raised its forecast for next year's demand growth to 2.55 million barrels a day, from 2.36 million previously, driven in part by the need to replenish oil inventories depleted by the Iran war.

The closely watched monthly report came as oil prices pulled back on Tuesday after three consecutive sessions of gains. Front-month Brent crude, the global oil benchmark, fell 1.7% to $104.86 a barrel, while West Texas Intermediate futures slid 1.5% to $92.32 a barrel.

Repeated attacks on vessels in the Strait of Hormuz, deadly Houthi strikes on Saudi Arabia and surging freight costs are keeping geopolitical risk premiums elevated. OPEC+ ministers said Monday that shipping and insurance costs have climbed to unprecedented levels, exceeding a third of the value of the commodities being transported.

Crude production among OPEC members rose by 920,000 barrels a day to 25.09 million barrels a day in September, driven by Saudi and Iraqi output. Production from OPEC's de facto leader, Saudi Arabia, rose by 2.1 million barrels a day to 8.37 million barrels a day, according to OPEC's latest data.

Earlier this month, key members of the OPEC+ alliance agreed to keep output stable in November.

According to data provider Kpler, oil shipments through the Strait of Hormuz remain sharply below prewar levels, with confirmed flows averaging 9.7 million barrels a day over the past week, down about 43% from 17.1 million barrels a day before the conflict. Daily flows have been volatile amid escalating tanker attacks, though the latest figures are preliminary and could be revised higher.

Before the war, the strait--a critical artery for global energy markets--used to carry around a fifth of the world's oil and liquefied natural gas supplies. It remains difficult to gauge how much crude is still moving through the waterway, as some tankers cross with their transponders switched off.

Alternative export routes are helping offset the disruption. Including shipments from terminals in the Gulf of Oman and the Red Sea, regional oil flows averaged 17.6 million barrels a day over the past week, about 24% below prewar levels, Kpler said. Saudi Arabia has resumed exports from both coasts, while loadings from terminals in the United Arab Emirates city of Fujairah and Oman are running above prewar baselines.

While major Middle East producers have managed to ramp up crude supplies in recent weeks, physical markets continue to signal severe tightness.

Refined fuel exports from the Persian Gulf are recovering more slowly than crude shipments because of greater logistical challenges. While crude can be moved in large volumes and transferred between tankers at sea, refined products such as gasoline, diesel and jet fuel require separate storage, specialized vessels and more complex scheduling.

The recovery has also been hampered by damage to regional refineries, continued attacks on infrastructure and limited storage capacity, said Sumit Ritolia, analyst at Kpler. When refiners run out of space to store products awaiting export, they might be forced to cut production even if their facilities remain operational. Ship-to-ship transfers, meanwhile, take longer and require more coordination for refined fuels, leaving cargoes more exposed to disruptions.