Episode Details

Global oil demand is set to plunge by 1.6 million barrels per day in 2026, as Iran’s blockade of the Strait of Hormuz and soaring fuel prices force consumers and businesses to cut back. The International Energy Agency now forecasts a steep decline—up from their previous estimate—with higher costs hitting countries like Canada and straining household budgets. Despite temporary government relief measures, tight global supply remains a concern, with U.S. reserves at historic lows and July’s modest supply gains still far below last year’s levels. While demand may rebound in 2027, the fragile balance between supply and demand could send prices skyrocketing at the slightest shift.

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