Iran War Wipes Out 2026 Global Oil Demand Growth, IEA Says

Global oil demand will decline this year for the first time since the 2020 pandemic as a price surge caused by the Middle East conflict wipes out growth, the International Energy Agency said.

“The Iran war has thoroughly upended the global outlook for oil consumption,” the adviser to major economies said in its monthly report. “Demand destruction will spread as scarcity and higher prices persist.”