In its June report, OPEC forecast that global oil demand would grow by 1 million bpd in 2026. In 2027, global oil demand is projected to rise by 1.9 million bpd, an upward revision of 200,000 bpd from OPEC's June forecast.
Oil prices rose nearly 3% on Tuesday to their highest level in 4 weeks after the US reinstated its naval blockade of Iran and Iran stepped up attacks in the Strait of Hormuz, heightening uncertainty about energy flows.
Oil prices climbed more than 4% on Monday as escalating violence continued to threaten energy shipments through the Strait of Hormuz. Brent crude futures rose 3.1 USD (4.08%) to 79.1 USD per barrel, and US West Texas Intermediate crude rose 2.9 USD (4.11%) to 74.3 USD per barrel.
