The longer-than-expected closure of the Strait of Hormuz means that some part of the oil production in the Middle East will remain shut in through the end of next year

Energy Information Administration estimates Middle East shut-ins averaged 5.5 million bpd in July

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.