IEA warns of 'lost period' in global oil demand as Hormuz stays closed

The IEA projects a sharp drop in global oil demand, citing that the Strait of Hormuz will not reopen this year, with soaring refined product prices exacerbating the decline. The closure disrupts a critical chokepoint for crude and refined product flows, amplifying supply-side constraints and demand destruction. The forecast signals a prolonged period of elevated energy prices and potential economic strain on import-dependent economies.