IEA Forecasts Global Oil Demand Decline in 2026 Amid Iran War

Hyperdash News07/10/2026 09:11 UTCCommodities

The International Energy Agency (IEA) projects a decline in global oil demand for 2026, the first contraction since the Covid pandemic. This anticipated drop stems from the ongoing Iran war, which has disrupted Middle Eastern oil production and exports. The closure of the Strait of Hormuz has specifically affected oil and gas shipments through the Persian Gulf.

The IEA's forecast suggests a significant shift in the global energy outlook, driven by geopolitical instability in a key oil-producing region. The Strait of Hormuz is a critical chokepoint for crude oil transit, and its closure directly impacts supply chains.

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Sources

CNBC

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