IEA cuts 2026 oil demand forecast due to Strait of Hormuz closure. Crude oil reaching a new all-time high by September 30 at 3.8% YES, by December 31 at 12.5% Y.

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.

PARIS: The International Energy Agency on Wednesday (Aug 12) sharply reduced its forecast for global oil demand this year, as supplies remain crimped by the closure of the Strait…