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

August 12, 2026

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The IEA expects oil demand to fall by 1.6 million barrels a day in 2026 as high fuel prices and Strait of Hormuz disruptions weigh on consumption.The IEA expects oil demand to fall by 1.6 million barrels a day in 2026 as high fuel prices and Strait of Hormuz disruptions weigh on consumption.

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

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