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Oil Demand Drops Amid Global Supply Tensions | Global News
Description
Global oil demand is plummeting this year — the first drop since 2020 — as supply chaos from the U.S.-Iran conflict cripples shipping through the Strait of Hormuz. With Iran still flexing its muscle and U.S. operations far from normal, the bottleneck persists. China’s massive stockpile reliance and slashed purchases led the global decline, while damaged Middle Eastern and Russian refineries are forcing up prices on gasoline and diesel. Paradoxically, U.S. drivers keep filling up — not because they’re addicted to gas, but because fuel’s share of household budgets has shrunk and offices are back in session.
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