Iran war leads to biggest jump in global energy inflation in at least 25 years – business live

Global oil demand will decline this year for the first time since the Covid-19 pandemic in 2020, IEA predictsTask for the week: limit the fallout from biggest oil shock in decadesNewsflash: The International Energy Agency has cut its forecasts for global oil demand this year, as the Iran war drives up prices.In its latest oil market report, the IEA warns that supply and demand will both be hurt by conflict in the Middle East.A forecast 1.5 mb/d 2Q26 decline would be the sharpest since Covid-19 slashed fuel consumption. Initially, the deepest cuts in oil use have come in the Middle East and Asia Pacific, mainly for naphtha, LPG and jet fuel.However, demand destruction will spread as scarcity and higher prices persist. Continue reading...