The World Bank has warned that disruptions in the Strait of Hormuz and escalating conflict in the Middle East are triggering a global oil supply shock that is beginning to suppress energy demand worldwide.
In its May 7 analysis, the World Bank said that global oil demand declined by 0.8 million barrels per day year-over-year in March and is forecast to fall by another 1.5 million barrels per day in the second quarter of 2026.
