Hormuz closure squeezes global economy as oil demand destruction intensifies, IEA says
- Posted on August 12, 2026
- By CNBC
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- 1 min read
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Hormuz closure squeezes global economy as oil demand destruction intensifies, IEA says
The IEA expects oil demand to fall by 1.6 million barrels a day in 2026 as high fuel prices and Strait of Hormuz disruptions weigh on consumption.
