Global Oil Demand Drops by 9% Amid Disruptions

Oil demand has unexpectedly fallen by up to 9%, or 1.5 million barrels per day, according to JPMorgan strategists who observed the trend during meetings in China. Despite a three-month closure of the Strait of Hormuz and ongoing geopolitical tensions, oil prices have remained relatively stable around $100 per barrel due to reserve drawdowns and reduced demand.

By Jake Conley · Breaking Business News Reporter Sat, May 30, 2026 at 1:00 PM GMT+3 2 min read · Yahoo Finance · May 30, 2026, 10:00 UTC

Tickers: $JPM

Topics: global energy consumption JPMorgan analysis oil demand Strait of Hormuz closure

Read the full article at Yahoo Finance

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