IEA trims 2026 oil demand by 2.5 million barrels daily
The International Energy Agency (IEA) says we will use a lot less oil in 2026 than expected: 2.5 million barrels a day less, thanks to higher prices and ongoing conflicts.
This big revision comes as violence in the Middle East and attacks on Iran have made things even more unpredictable.
US diesel up 94% topping $200
Diesel is getting expensive fast: US prices are up 94% since before the war, topping $200 a barrel in September.
Europe and Asia are not spared, with refinery issues and damaged Gulf facilities pushing costs higher.
Plus, Ukrainian strikes on Russian refineries and Houthi rebels in Yemen claimed Friday to have taken control of the Bab al-Mandeb strait, a crucial shipping lane, have added to the chaos.
IEA warns supply shortages could persist
IEA warns that if these disruptions keep up, markets could get even tighter, meaning supply shortages might stick around, making oil pricier and harder to get.