Just days before the US sanction on Iranian crude exports are set to take effect, the price of crude oil is down below $80 per barrel. According to Reuters, Brent crude is currently selling for a little less than $76.50, while U.S. light crude is down to $66.44. Although oil surged to a four-year high during the beginning of the month, global energy supply forecasts, geopolitical instability, and a general decrease in demand have all played a part in the commodity’s decline.

“There are two downward pressures on global oil demand growth. One is high oil prices, and in many countries they’re directly related to consumer prices,” said Fatih Birol, IEA’s Executive Director, while speaking at an industry meeting. “The second one is global economic growth momentum slowing down.”

Although the United States has repeatedly told the world that those who continue to purchase Tehran’s oil will face swift consequences, several vital countries have stated they intend to keep importing Iranian crude. According to a report from Reuters, China, India, and Turkey plan to continue purchasing crude from the Gulf state, claiming that they will not be able to buy enough from other sources to sustain their growth.

However, the Iranian regime may have lost any good will it could have gained from crying foul on the sanctions after authorities in Denmark claim they stopped an Iranian security service-led attack on Tuesday. According to Reuters, Denmark’s chief intelligence officer, Finn Borch Anderson, contended that the thwarted attack was aimed at killing the leader of the Arab Struggle Movement for the Liberation of Ahvaz (ASMLA).