CNBC
Hormuz closure squeezes global economy as oil demand destruction intensifies, IEA says
Wednesday, August 12, 2026
The International Energy Agency forecasted oil demand will decline by 1.6 million barrels per day in 2026. The agency attributed the decline to elevated fuel prices and disruptions in the Strait of Hormuz shipping route.
Original reporting: https://www.cnbc.com/2026/08/12/iea-oil-demand-hormuz.html