watch nowGlobal oil demand is set to decline for the first time since 2020 as the Iran war wreaked havoc with production and exports in the Middle East, the International Energy Agency (IEA) said Friday.World oil demand is set to decline by 1 million b/d year-on-year in 2026, which would mark its first annual decrease since the height of the Covid-19 pandemic in 2020, the IEA said in its latest oil market report.This year's contraction is "highly skewed in both product and regional terms," as the closure of the Strait of Hormuz — the vital shipping route for oil and gas — disrupted exports through the Persian gulf, the agency noted.This is breaking news. Please refresh for updates.