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Strait of Hormuz disruptions to dent 2026 oil demand, IEA warns

The IEA forecasts 2026 global oil demand will drop by 1.6 million barrels per day amid higher fuel prices and supply constraints tied to the Strait of Hormuz.

Reported · Written up by our desk · Energy

CNBC World reports that the International Energy Agency expects global oil demand to fall in 2026 as disruptions associated with the Strait of Hormuz weigh on consumption.

According to the IEA, oil demand is projected to decline by 1.6 million barrels a day in 2026, helped by weaker demand from high fuel prices and the impact of the Strait of Hormuz situation.

The IEA assessment highlights that demand destruction is intensifying as shipping disruptions and risk premiums translate into higher costs for fuel buyers.

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Sources

CNBC WorldHormuz closure squeezes global economy as oil demand destruction intensifies, IEA says

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