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Hormuz closure squeezes global economy as oil demand destruction intensifies, IEA says

CNBC

BusinessCNBC·Aug 12, 2026·1 min read

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.

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