Daniel Sternoff

Global oil demand is declining due to higher prices and supply disruptions from the U.S.-Iran war, which blocked shipments through the Strait of Hormuz. China significantly reduced oil purchases and strategic reserve fills, while the U.S. saw increased gasoline use despite high prices.

Global oil demand is expected to decline in 2026 due to higher prices and supply disruptions from the U.S.-Iran war, which stranded oil shipments in the Strait of Hormuz. However, U.S. gasoline use rose despite elevated prices, while China significantly reduced oil purchases and slowed its strategic petroleum reserve filling to mitigate the crisis.

Global oil demand is expected to decline in 2026 due to higher prices and supply disruptions from the U.S.-Iran war, which blocked shipments through the Strait of Hormuz. China reduced oil purchases by 50% and cut strategic reserves, while U.S. gasoline use increased despite higher prices.

Global oil demand is declining due to higher prices and supply disruptions from the U.S.-Iran conflict, with China significantly cutting oil purchases and increasing electric vehicle use. However, U.S. gasoline consumption rose despite elevated pump prices.

Experts say oil and gas supplies may take months to return to normal after an agreement to end the Iran war and open the Strait of Hormuz. High prices and supply issues persist due to delayed shipping, refining challenges, and security concerns, with countries like Iraq facing longer recovery times.

Energy experts say oil and gasoline supplies may take months to normalize after an agreement to end the Iran war and reopen the Strait of Hormuz, due to stranded ships, security concerns, and slow restarts of operations. Factors like shipping delays, refining processes, and paused oil extraction in the Middle East contribute to prolonged supply disruptions.

Energy experts predict oil and gasoline supplies will take months to normalize after an agreement to end the Iran war and reopen the Strait of Hormuz. Challenges include stranded ships in the Persian Gulf, slow shipping and refining processes, and uncertainty about the security and stability of the reopened strait.

The United Arab Emirates has exited OPEC after over 50 years, citing a need to align with its long-term energy strategy and increased domestic production capacity. The move weakens OPEC's ability to manage oil supply and prices, as the UAE is the group's third-largest producer. Experts suggest the decision reflects shifting geopolitical alliances and market dynamics.