IEA Warns Of Oil Demand Decline As Strait Of Hormuz Crisis Reshapes Global Outlook

Source: International Business Times

AFP The International Energy Agency (IEA) has warned that global oil demand is now expected to decline in 2026, marking a sharp reversal from earlier projections, as disruption in the Strait of Hormuz continues to shake energy markets. According to a report by CNBC, the agency revised its outlook amid escalating geopolitical tensions and supply disruptions in one of the world's most critical oil transit routes. Handling roughly a fifth of global seaborne oil flows, it has become a focal point of market instability following recent conflict-related disruptions in the region.