The International Energy Agency (IEA) said on Wednesday that global oil demand is expected to fall by 1.6 million barrels per day (bpd) in 2026, an increase of 510,000 bpd from its July forecast, due to high fuel prices and the escalating impact of disruptions in the Strait of Hormuz. The IEA noted that while demand is expected to rebound later this year and return to growth in the fourth quarter, "new hostilities and maritime disruptions" are hindering the increase in global oil supply, which in July was still down 6.3 million bpd year-on-year. Since the outbreak of the Iran war in February, the International Monetary Fund has lowered its annual economic growth forecast from 3.3% to 3%.