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.

IEA forecasts global natural gas demand will fall 0.5% in 2026 as higher prices and Strait of Hormuz disruptions tighten LNG supplies worldwide.

The IEA forecasts the first annual decline in global natural gas demand since 2022 as the Iran conflict drives prices to their highest levels since January