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International Business Times
International Business Times
Business
Merin Rebecca Thomas

IEA Warns Of Oil Demand Decline As Strait Of Hormuz Crisis Reshapes Global Outlook

IEA Oil Strait of Hormuz International Energy Agency

The International Energy Agency (IEA) has warned that global oil demand is now expected to decline in 2026, marking a sharp reversal from earlier projections, as disruption in the Strait of Hormuz continues to shake energy markets.

According to a report by CNBC, the agency revised its outlook amid escalating geopolitical tensions and supply disruptions in one of the world's most critical oil transit routes. Handling roughly a fifth of global seaborne oil flows, it has become a focal point of market instability following recent conflict-related disruptions in the region.

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