Iran War Wipes Out Global Oil Demand Growth This Year

Global oil demand will decline this year for the first time since the 2020 pandemic as a price surge caused by the Middle East conflict wipes out growth, the International Energy Agency said. "The Iran war has thoroughly upended the global outlook for oil consumption," the adviser to major economies said in its monthly report. Surging prices for physical crude and products such as jet fuel, diesel and gasoline are squeezing consumers and taking a toll on demand. Bloomberg's EMEA News Director Will Kennedy joins Stephen Carroll and Caroline Hepker to discuss. (Source: Bloomberg)