Carolyn Kissane shows how the Iran war has overturned one of the energy sector’s most important assumptions.
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Economics
Jun 11, 2026
Carolyn Kissane
Amid the disruptions caused by the US/Israeli-Iran war, countries have begun adapting to life with less oil. What started as a supply shock has become a demand story, forcing the energy sector to reconsider one of its most important assumptions: continued growth of global oil demand.
As the oil crisis deepens across the globe, households and industries are using less fossil fuel — maybe permanently.
Energy markets are starting to reflect the growing risk of physical supply disruptions.
Global inventories are falling rapidly as the world has already lost roughly 1 billion barrels of crude and condensate supply,…
Distillate inventories recently fell to their lowest levels since 2005, highlighting the strain on refined fuel markets.
The IEA's oil 'demand destruction' report comes after its chief said unnamed countries are hoarding stocks.
Countries around the world are feeling the impact of the conflict and the resulting energy price shock.
