International Energy Agency

Oil prices took a breather after six consecutive days of gains as traders await signs regarding the reopening of the Strait of Hormuz and the resumption of pre-war flows of oil and gas. The International Energy Agency projected that the global oil market faces a shortfall of 1.8 million barrels a day this quarter. June Goh discussed these movements in the oil market during an interview with Abeer Abu Omar.

The International Energy Agency (IEA) reported that global oil inventories are expected to tumble this quarter at a rate more than double previous estimates. Markets face a shortfall of 1.8 million barrels a day because renewed hostilities and maritime disruptions in the Middle East are undermining production recovery.

Trump is demanding Exxon and Chevron reduce gas prices, citing soaring profits linked to the Iran war. The International Energy Agency has labeled the Strait of Hormuz disruption as the largest supply disruption in global oil market history.

Diesel prices in the U.S. rose to $5.34 per gallon in July 2026, nearing a record high due to geopolitical conflicts in the Middle East and supply shortages. The International Energy Agency warns fuel prices will likely continue to rise before stabilizing, while the Federal Reserve maintained steady interest rates amid market volatility.

The United Nations has called for all data centers to be powered by renewable energy by 2030, but energy analysts argue the goal would require rapid global power-sector changes beyond current plans. Electricity demand for data centers is projected to double in four years, with renewables set to grow faster than other energy sources despite ongoing reliance on fossil fuels.

President Trump attended the dignified transfer of four U.S. service members killed in action amid renewed U.S.-Iran military exchanges in the Middle East. A $95 billion military and agricultural funding package is under consideration, while concerns grow over energy market disruptions and stalled ceasefire efforts. Australia's foreign minister warned of deteriorating regional stability.

U.S. Secretary of State Marco Rubio warned Asian leaders that Iran's demand to control the Strait of Hormuz and collect tolls could endanger the global economy and set a dangerous precedent. Asian diplomats, including Russia's Sergey Lavrov and Australia's Penny Wong, emphasized concerns over the Middle East conflict's impact on energy security and regional stability.

The International Energy Agency is closely monitoring oil markets as escalating hostilities in the Middle East raise concerns about oil supply security.

The 2026 Iran war initially caused the Strait of Hormuz to close, cutting 15 million barrels of oil per day from global circulation and prompting fears of a severe energy crisis. However, emergency measures like strategic reserve releases, increased production, and energy conservation helped avert predicted shortages and recessions, though oil prices remained elevated and some regional shortages persisted.

Wildfires and heatwaves, termed a 'firewave', impacted Europe and North America, with the UK experiencing 25 days of 30C+ temperatures. The Met Office noted climate events becoming the 'new normal', while the EU aims to increase electricity's energy share to 46% by 2040. New UK PM Andy Burnham plans North Sea drilling, and Trump-era policies delayed $83bn in clean energy projects.

The US Department of Energy is promoting increased propane exports to Africa as part of a strategy to replace harmful cooking fuels with cleaner alternatives. The Trump administration emphasizes trade over aid, framing propane as a commercial opportunity to address energy access while advancing US economic interests.

Oil prices rose as US and Iran escalated attacks in the Gulf, with Iran urging Houthis to prepare to close the Red Sea oil route. The US launched strikes against Iran, while Qatar reported intercepting an Iranian missile attack, heightening concerns over global oil supply disruptions.

US attacks in Iran intensified, resulting in civilian deaths and Iranian retaliatory strikes across the Middle East. The White House stated President Trump remains open to diplomacy with Iran, while Iranian officials accused the US of destabilizing the Strait of Hormuz. The Israeli army also began establishing permanent military posts in southern Lebanon.

The head of the International Energy Agency, Fatih Birol, warned that oil security remains a critical issue if the US and Iran fail to resolve tensions affecting oil flows through the Strait of Hormuz. He expressed concern about potential energy security risks if the situation does not improve in the coming weeks.

Data centers, particularly AI-focused hyperscale facilities, are expanding rapidly, consuming vast energy and water resources. Indigenous leaders globally are advocating for their communities' rights, emphasizing the need for free, prior, and informed consent and highlighting threats to lands and waters. Some Indigenous groups acknowledge potential economic benefits but stress the urgency of protecting resources and ensuring consultation.

China’s planned restrictions on rare earth exports could risk $6.5 trillion in downstream production, according to the International Energy Agency. The move, in response to U.S. tariffs, has been postponed, but the U.S. and Western countries aim to reduce reliance on China’s rare earths, a process experts say could take years.

The International Energy Agency warned that China’s rare earth export curbs could risk $6.5 trillion of annual downstream production outside the country if fully implemented. The report focuses on rare earths and critical minerals.

The International Energy Agency's Executive Director Fatih Birol warned that the global economy faces renewed challenges if the conflict blocking the Strait of Hormuz persists without resolution in the coming weeks.

OPEC reduced its 2024 global oil demand growth forecast by 20% for the third consecutive revision, citing the Strait of Hormuz closure's impact on supply and unmet OPEC+ production quotas. The UAE, which exited OPEC in May, increased crude output by 80% in June, contributing to a 3 million barrel-per-day rise in group production.

The resumption of US-Iran strikes and Trump's plans to impose shipping fees in the Strait of Hormuz have pushed US crude prices to a four-week high, complicating efforts to lower gas prices ahead of midterms. Global refining capacity disruptions, including Russia's reduced output and China's export restrictions, are keeping refined product prices elevated despite a decline from wartime peaks.

The U.S. Strategic Petroleum Reserve is under strain due to repeated oil releases by the Biden and Trump administrations, aging infrastructure, and reduced operational capacity. Concerns about its ability to respond to future energy disruptions, like the U.S.-Iran conflict affecting the Strait of Hormuz, highlight the need for significant investment in the Gulf Coast-based reserve.

Oil prices surged over 4% as renewed military strikes by the US and Iran threatened shipments through the Strait of Hormuz. The conflict cast doubt on an interim US-Iranian agreement to reopen the strait, with six vessels transiting the strait on Sunday, the lowest in five weeks.

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.

U.S. Vice President JD Vance faces political challenges as peace talks with Iran unravel, leading to renewed U.S. strikes and rising oil prices. Vance's team believes his cautious approach to the conflict positions him to balance support from both peace-seeking and hawkish factions within the Republican Party.

Iran claims it upheld its ceasefire commitments with the US amid Trump's assertion that the truce ended but negotiations continue. Hormuz Strait traffic dropped sharply due to Iranian attacks on ships, while Trump warned Iran of severe consequences if he were targeted. The IEA warned Gulf tensions could disrupt future oil supply forecasts.

The International Energy Agency warns that US-Iran tensions could disrupt its 2027 oil surplus forecast, which relies on improved Hormuz transits. The IEA projects a potential 4.62 million bpd surplus in 2027 but notes risks from geopolitical instability affecting supply and demand.

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.

Global oil demand is projected to decline in 2026 for the first time since the COVID-19 pandemic, according to the International Energy Agency. Analysts are uncertain whether the Iran war might accelerate a long-term decline in demand.

COP31 president-designate Murat Kurum announced a target for 35% of global final energy to be electricity by 2035, citing IEA and IRENA analyses to align with the 1.5C climate goal. He emphasized the urgency of electrification due to the Hormuz crisis and highlighted support from the EU, UK, Canada, and the presidencies of COP30 and COP32.

The International Energy Agency predicts a 1 million barrel per day drop in global oil demand by 2026 due to Iran-related supply issues, while the EU investigates Meta for addictive design features on Facebook and Instagram that may harm children. Volkswagen plans to cut production by 3 million vehicles globally as it faces declining sales and competition from Chinese EV makers.

Wall Street trading was mixed with oil prices fluctuating after unclaimed airstrikes in Iran raised geopolitical tensions. The Strait of Hormuz remains a focal point as Iran demands control over the shipping route, impacting global oil supplies and prices. The International Energy Agency projected a decline in oil demand by 2026.

The International Energy Agency forecasts global oil demand to fall by one million barrels a day in 2026 due to the United States-Iran conflict, which is creating economic uncertainty. Oil production increased in June but remains below pre-war levels, and the conflict could disrupt expectations of a 2027 oil surplus.

The International Energy Agency (IEA) reports that world oil demand is set for its first annual decline since 2020. The decline marks a significant shift in global energy consumption patterns.

The International Energy Agency (IEA) has warned of a potential petrol and diesel supply crunch as refineries in the Gulf and Russia face disruptions from wars. Global consumption of these fuels remains high despite the challenges.

The UAE’s oil output reached a record high in June, according to the International Energy Agency. The Ruwais refinery and petrochemical complex in Al Ruwais, UAE, is highlighted in the context of this increase.

Africa has secured $900 million in new clean cooking commitments, adding to the $2.2 billion pledged in 2024, to expand access to cleaner fuels and stoves across the continent. The funding aims to address the 1 billion people still relying on polluting fuels, which contribute to 850,000 premature deaths annually.

Mexico's first liquefied natural gas (LNG) shipment to Asia is underway, signaling shifts in global energy markets. The shipment highlights Mexico's new Pacific coast LNG terminal and the impact of geopolitical events, such as Russia's invasion of Ukraine and U.S. actions in Iran, on traditional energy trade routes.

The article highlights the energy economy's significant waste problem, noting that up to half of all energy is lost as heat globally. It emphasizes the potential of untapped waste heat, equivalent to three-quarters of U.S. annual electricity consumption, and discusses how AI-driven data centers are increasing energy demand while legacy systems waste energy on non-compute tasks.