The International Energy Agency lowered its global oil demand forecast for this year, citing ongoing export disruptions in the Strait of Hormuz and high fuel prices. It said global oil demand is expected to decline by 1.56 million barrels per day by 2026 to 103.29 million barrels per day. The agency also expects demand to fall 4.9 million barrels per day year on year in the second quarter before recovering in the fourth quarter by about 580,000 barrels per day.