The war prompted Iran's effective closure of the Strait of Hormuz, a critical waterway that facilitates the transport of 20 million barrels of oil per day, or about one-fifth of the global supply.
—
Max Zahn,
ABC News,
16 Apr. 2026
According to the report, oil demand is projected to contract by 80,000 barrels per day in 2026, with the sharpest demand cuts in oil coming from the Middle East and Asia Pacific.
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