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Global Business News

The Economic Times

Global Business / The Economic Times

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Iran war may crush oil demand today, but send it soaring long term

The Iran war has caused a significant drop in global oil demand, with consumption plummeting due to supply disruptions and record-high fuel prices. While this short-term destruction accelerates the shift to EVs and biofuels, the conflict's longer-term impact may paradoxically boost oil demand through increased energy security investments and a less efficient global energy system.

22 Apr 2026 12:00 pm