IEA: Hormuz closure to cut oil demand by 1.6 million barrels a day in 2026

The International Energy Agency forecasts that oil demand will fall by 1.6 million barrels a day in 2026, driven by high fuel prices and disruptions from the closure of the Strait of Hormuz. The strait is a critical global oil-transit chokepoint. Elevated prices are intensifying demand destruction as consumers and businesses cut consumption.