Global oil demand is set to drop for the first time since 2020, according to the International Energy Agency as the war in Iran saw traffic through the Strait of Hormuz plummet.
Concretely, figures are expected to decline by 1 million barrels a day this year. The entity noted that the drop is "highly skewed in both product and regional terms," considering practically all of it was a result of the key waterway's closure.
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