Iran War Wipes Out Global Oil Demand Growth This Year, IEA Says.

The article focuses on the International Energy Agency’s (IEA) assessment that global oil demand will decline in 2026 for the first time since the 2020 pandemic due to a price surge caused by the Middle East conflict. The conflict has severely disrupted oil flows through the Strait of Hormuz, a critical passage for about 20% of the world’s oil supply, leading to a historic supply reduction and elevated prices for crude and refined products. The IEA reports that global oil supply fell by 10.1 million barrels per day last month as key producers curtailed output, and emergency reserves were released by countries including the US, Japan, and Germany to stabilize markets. The agency warns that if disruptions persist beyond midyear, energy markets and global economies could face significant challenges. [Extracted from the article]