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BUSINESSJul 10 · 21:13 UTCWPLG LOCAL 10 MIAMIBy CATHY BUSSEWITZ, Associated Press

Global oil demand is dropping, but US drivers keep buying more gas

Global oil demand is expected to decline in 2026 due to higher prices and supply disruptions from the U.S.-Iran war, which blocked shipments through the Strait of Hormuz. China reduced oil purchases by 50% and cut strategic reserves, while U.S. gasoline use increased despite higher prices.

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International Energy AgencyorganizationUnited StatesplaceIranplaceChinaplaceStrait of HormuzplaceJim BurkhardpersonDaniel Sternoffperson
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