16 Hrs
Source:
CNN Arabic
Iran conflict alters energy landscape
The war between the United States and Iran has caused a sharp surge in oil and gas prices, especially after Iran closed the Strait of Hormuz, leading to the biggest oil shock in history and a surge in the price per barrel above $100. Amid the worsening energy market situation, forecasts indicate a global decline in oil demand of about 2.5 million barrels per day by 2026, which will help reduce greenhouse gas emissions from fossil fuels by approximately 0.5%. This marks the first decrease since the COVID-19 pandemic, accompanied by noticeable shifts toward reducing dependence on cars and air travel, despite some countries’ efforts to increase coal use.
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