Global oil demand will fall by about one million barrels a day in 2026 as the war between the United States and Iran weighs on the world economy, the International Energy Agency has said.

Global oil supply rebounded in June after a ceasefire allowed Strait of Hormuz transit. However, renewed hostilities between the United States and Iran threaten future oil surplus…

Renewed escalation in the U.S.-Iran war could complicate matters and further cloud the outlook, the IEA warned Friday.