IEA says renewed fighting threatens the oil supply recovery; world demand on track for first fall since 2020

Confirmedon two or more distinct origins, at least one tied to no party: 2 distinct origins, 1 tied to no party.

The International Energy Agency said on 10 July that world oil demand was on track to fall in 2026 for the first time since 2020 and that renewed US-Iran fighting could derail a recovery, Al Jazeera reported. It said the effective closure of Hormuz had cut up to 14 million barrels a day of crude flows, and that supply rose 4.1 million barrels a day in June but remained 9.4 million below pre-war levels. Brent was about $76.4. Xinhua: Hormuz hull war-risk premiums around 5% of vessel value, up from about 2% after the US-Iran memorandum: Xinhua reported from London that shipowners faced hull war-risk premiums of around 5% of a vessel's value for Hormuz voyages, citing market estimates. It said rates had fallen to about 2% after the US-Iran memorandum, from as high as 10% earlier in the war. Neil Roberts of the Lloyd's Market Association said war-risk rates had moved as risk had moved.

Sources

1. Evidence Al Jazeera Media · Government of Qatar origin: IEA monthly oil market report · published 2026-07-10 00:00 UTC
2. Evidence Xinhua Media · Unaffiliated origin: Xinhua reporting from London citing market estimates, carried by The Star (Malaysia) · published 2026-07-11 00:00 UTC

History

Cite or reuse

The War Record, "IEA says renewed fighting threatens the oil supply recovery; world demand on track for first fall since 2020", ev-20261027-9agz, revision 2, https://thewarrecord.com/events/ev-20261027-9agz/

This month's events as JSON (id ev-20261027-9agz) · CC BY 4.0