Iran War Sparks Debate Over a Potential Permanent Oil-Demand Shift
TL;DR Summary
The Iran war has sharply reduced global oil demand, with China down 9% and Europe adopting EVs and hybrids; May demand fell by 5.6 million barrels per day, and JPMorgan says most of China’s gasoline drop may be permanent. The IEA projects a smaller, ongoing demand reduction by year‑end, signaling a possible peak in oil use, though some rebound is likely once supply routes reopen.
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