closure

The Eiffel Tower was temporarily closed on Monday after workers went on strike to protest the sidelining of female staff during a private visit by a Hindu religious group.

The tower, which has since reopened, shut after members of Bochasanwasi Akshar Purushottam Swaminarayan Sanstha (BAPS), a global socio‑spiritual Hindu denomination, visited the site. Female staff were reportedly asked to give way to male staff for the group’s tour, prompting protests from the workers’ union, outrage from French politicians and an apology from the Hindu group.

Here is more about BAPS and how the controversy unfolded.

What’s the controversy about?

The Eiffel Tower closed after staff walked out over the removal of women staff during a weekend visit by BAPS.

The Societe d’Exploitation de la Tour Eiffel, or SETE, which runs the Paris landmark, acknowledged that the group had requested the Saturday visit be organised in a way that limited “interactions with women”, and said “these conditions should not have been accepted”.

The BAPS monks, or sadhus, practise strict celibacy, which requires them to avoid physical contact with women and being alone in their company, and to minimise personal interaction or attention towards the opposite sex.

Wider community members of BAPS are not bound by these celibacy rules. According to news reports, the BAPS delegation visiting the Eiffel Tower comprised both monks and community members.

Eiffel Tower staff said in a statement that they condemned “professional instructions that led to female employees being sidelined, replaced and made invisible because of their sex” during the visit by the delegation.

“Some were asked to leave their posts and withdraw to other areas. In some posts they were replaced by men. And all female employees were instructed not to go through or cross certain areas while the delegation was present,” the staff union said, adding they were shocked to have been put in such a situation.

Paris Mayor Emmanuel Gregoire said an investigation would be launched “as soon as possible”. In a post on social media, he said he was aware of the employees’ anger and agreed their dissatisfaction was legitimate.

What is BAPS and how have they responded?

BAPS was founded in India in 1907 and began expanding internationally from the 1960s. It is a spiritual organisation which works on community building, constructing temples, helping with disaster relief and running medical camps, environmental drives and educational programmes.

It now also runs an extensive network of temples and cultural centres across the world, including more than 100 in the United States and more than 1,000 worldwide, including across Europe, Africa and Asia. BAPS also runs a temple in Paris.

On Tuesday, the BAPS Paris account posted a statement on X responding to the controversy.

“To our knowledge, at no time was access to the Eiffel Tower denied to anyone,” the account wrote, originally in French.

“Nevertheless, we wish to offer our sincere apologies to anyone who may have been hurt or inconvenienced by this situation,” it added.

How has the response in France been?

Leaders within France expressed outrage over reports of women being removed from the premises.

Aurore Berge, the minister delegate for gender equality and fight against discrimination in France, wrote in an X post on Monday: “In France, we do not ask women to step aside. No dogma, no religion is superior to the laws of the Republic.”

Yael Braun-Pivet, president of the National Assembly, wrote in a post on social media: “Welcoming others never means giving up our values. In France, women are fully present in public life. No one tells them to become invisible.”

Former French President Francois Hollande, now an MP, wrote on X on Tuesday: “We do not ask women to step aside to satisfy religious demands.”

He expressed support for the Eiffel Tower staff who walked out.

“Equality between women and men is a fundamental achievement of our Republic. It applies everywhere, to all women and all men, without exception,” Hollande wrote.

Parliamentarian and former PM Michel Barnier wrote on X: “It is therefore utterly unacceptable that an order aimed at making women disappear from this space could have been issued.”

Barnier added that “women are not hidden. They are not erased. They are respected, and their freedom is defended”, demanding an explanation from the SETE.

Jordan Bardella, the president of the far-right National Rally, wrote on X on Tuesday: “This degrading demand should never have been met. In a free country like France, gender equality is respected, and no religious reason can override women’s dignity.”

Prominent far-right MP and leader of the National Rally (RN), Marine Le Pen wrote in an X post: “In France, we will never accept that the presence of women be ‘limited.’”

Is BAPS linked to the Modi government?

BAPS is not officially part of a political party in India, and has long insisted that it is apolitical.

But researchers have long pointed to a close, cooperative relationship with Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP) government.

In fact, the Eiffel Tower closure came just a day after Modi virtually inaugurated the BAPS temple in Paris.

Modi also attended the physical inauguration of the BAPS temple in the United Arab Emirates (UAE) in 2024.

Has BAPS faced other controversies in the past?

BAPS has faced a series of high-profile controversies in the past.

During a landmark legal battle in 1966, BAPS leaders argued in court that their sect was not part of Hinduism but a distinct religion. They did so in an attempt to avoid the Bombay Harijan Temple Entry Act, which required Hindu temples to open their doors to Dalits, a historically marginalised caste group. The Indian Supreme Court rejected the appeal made by BAPS.

In 2013, two former BAPS monks filed a complaint accusing senior BAPS leaders of sexual assault dating back to the 1970s. BAPS leaders denied the allegations. The complaint did not result in any publicly reported criminal charges.

In 2021, a US federal class‑action lawsuit accused BAPS of exploiting low‑caste labourers from India to work on its temples. The case, brought on behalf of about 200 Indian workers, alleged they were lured from India, coerced into employment agreements, and forced to work more than 12 hours a day with only five days off a year at a temple in Robbinsville Township, New Jersey.

The suit says they were paid as little as $1.20 an hour, far below the US federal minimum wage of $7.25 and New Jersey’s $12 statewide minimum.

A US federal investigation into labour trafficking at the Robbinsville temple has since been closed without criminal charges, but the civil class‑action lawsuit brought by the workers continues.

Jakarta: Indonesia halted operations at its main international airport outside Jakarta on Sunday after ash spewed from the Anak Krakatoa volcano more than 150 kilometres away, impacting thousands of passengers. Mount Anak Krakatoa erupted on Saturday, producing a fountain of lava and booming sounds that could be heard up to 700 kilometres (435 miles) away, the geology agency said in a statement. Two new eruptions were recorded on Sunday, the volcanology agency warned.

Ash from the volcano was detected in the airspace surrounding Soekarno-Hatta International Airport, prompting authorities to suspend operations from 01:30 am Sunday (Saturday 1830 GMT). “The latest paper test…showed positive results indicating the spread of volcanic ash in the Soekarno-Hatta International Airport area, consequently the airport closure was extended until Sunday at 09:30 am (0230 GMT),” the transport ministry said in a statement Sunday.

The suspension was later extended by four hours “due to increased eruptive activity”, the airport said on social media. More than 22,000 passengers have been impacted by the suspension, the transportation ministry said, adding that 209 flights were affected, in particular to and from Singapore. Other affected international routes included Doha, Sydney, and Kuala Lumpur. At least 16 domestic flights to Bali were also cancelled, local airport authorities said.

Anak Krakatoa, which means Child of Krakatoa, sits in a strait that separates the islands of Java and Sumatra. Ships passing through the strait should increase vigilance for possible disruption to navigation safety due to volcanic activities and are prohibited to approach within the exclusion zone of a 3-kilometre radius from the volcano, local port authorities said in a statement. The volcano has been sporadically active since it emerged from the sea at the beginning of last century in the caldera formed after the 1883 eruption of Mount Krakatoa. That disaster was one of the deadliest and most destructive in history, with an estimated 35,000 people killed.

Extended Closure and Heightened Alert

Jakarta’s main airport and three others have extended their closures to 6:00 pm on Monday, affecting tens of thousands of passengers. Eight airports halted operations over the weekend, disrupting hundreds of flights and leaving more than 170,000 passengers stranded, the transport ministry reported. Soekarno-Hatta International Airport, in particular, extended its closure from Monday morning to 6:00 pm (1100 GMT), according to airport operator Angkasa Pura.

“In connection with the increasing eruption activity of Mount Anak Krakatau, flight operations at several airports have been suspended; passengers are advised to regularly monitor their flight status with the respective airlines,” the operator stated. The probability of an eruption remains high until Monday morning, the country’s geology agency noted, highlighting threats from incandescent rocks and heavy ashfall, while lava flows present potential hazards if the eruptions persist.

A 2018 tsunami triggered by a collapse of parts of Anak Krakatoa resulted in 429 fatalities and thousands displaced. Indonesia, a Southeast Asian archipelago nation, sits on the Pacific Ring of Fire, where the meeting of continental plates causes high volcanic and seismic activity.

ONE of the UK’s last remaining seaside funiculars has reopened after an eight month closure.

The Saltburn Tramway shut back in January 2026 ahead of major restoration works.

It has since reopened, with guests able to use the funicular between the town centre and seafront.

Some of the works included restoring the carriages, by both modernising while keeping the historic style with oak interiors and larger windows.

Safety improvements include new brake systems and buffers.

The funicular dates back more than 140 years, having opened in 1884.

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It is also the oldest of its kind in the UK, being a water-balanced cliff funicular.

A spokesperson for the attraction said: “What an incredible day as we welcomed passengers back to the Saltburn Cliff Tramway for the first time following its refurbishment.

“Seeing the tramway back in operation and filled with smiling passengers once again was a proud moment for everyone involved in the project.

“Thank you for your patience during the refurbishment works and for giving such a warm welcome to the tramway’s beautiful new handcrafted carriages.”

Tickets cost £2.10 for adults or £1.50 for kids aged between 4-15 years old.

Kids under three go free while dogs and bikes cost 20p each.

Saltburn-by-the-Sea, or simply Saltburn, is more of a traditional seaside town due to its lack of arcades or rides on the promenade.

Earlier this year, the town saw a huge surge in interest according to Trainline, with bookings up 133 per cent.

AIRLINES have been warned not to fly over the Gulf until next month due to rising tensions in the Middle East.

What this means for Brits is your long-haul flight could take a different (and longer) route, or even become more expensive.

The European Union Aviation Safety Agency (EASA) tightened its warning on flights over the Gulf earlier this week.

It has warned airlines to avoid airspace over ‌the waters of the Persian Gulf within Bahrain, Kuwait, Qatar and the UAE until September 30.

However, this area is considered one of the world’s busiest flight corridors.

For those on long-haul journeys from the UK, these countries are quite often used as stopovers.

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In its advice, the EASA said: “While risks over the waters of ​the Persian Gulf remain high, operations necessary for arrivals ​at or departures from aerodromes within the affected Flight Information Regions may be conducted with sufficient mitigation.”

However as the EASA warning is advice and not a complete ban, airlines can factor the risk into their route planning.

There won’t be a suspension of flights but some are likely to be rerouted with journeys set to become longer.

But lots of airlines have already been doing this since the war began earlier this year by avoiding certain airspaces.

Some have diverted further south over the Arabian Sea or rerouting to the eastern Mediterranean and Central Asia.

Schedules could change too as flights could become longer and aircraft types could be altered to accommodate higher fuel loads.

Ticket prices could be affected too – and not in a good way.

Earlier this year, International Airlines Group (IAG), which owns British Airways, Iberia and Aer Lingus warned of potential price increases.

To offset the increase in fuel costs caused by the closure of the Strait of Hormuz, it said that there could be an extra cost through ticket prices.

Business class and other premium long-haul passengers most likely to be affected.

Chief executive Luis Gallego said airlines need to increase fares to help offset fuel costs, which make up about a quarter of their spending.

The conflict in Iran has added as much as $100 (£77) per person to the price of long-haul flights from Europe, April figures have revealed.

The Transport & Environment (T&E) said in a statement that disruption to jet fuel supplies is likely to trigger higher ticket prices for passengers.

T&E added that the rise in jet fuel prices has increased the average fuel cost by £77 for each passenger on long-haul flights leaving Europe.

For a family of four heading on a long-haul holiday that’s an increase of £308.

Taiz, Yemen – Mohammed Al-Homaidi, a labourer in his 30s, has been working at the al-Makha (Mocha) port in western Yemen since its reopening in 2021.

Even though he was reliant on a daily wage, his earnings provided a decent standard of living for his family.

But things changed on August 9, when the Red Sea port was targeted by Houthi attacks that killed at least seven people.

With the conflict between the Yemeni government and Houthi forces escalating after a long-standing truce collapsed last month, finding daily work was no longer his priority, but his safety.

“It was around 12:30pm when the explosions [were heard] at the seaport, which was full of workers at the time. I couldn’t understand what was happening, and we couldn’t flee because the explosions were continuous,” Al-Homaidi told Al Jazeera. “After about an hour and a half, I ran outside the port and didn’t stop until I reached home.”

Thirty more people were injured in the barrage of Houthi drone and missile strikes that targeted the port and surrounding areas.

Houthi forces have continued to target the port and surrounding areas on a near-daily basis, resulting in dozens of deaths and injuries.

On August 11, the Houthis targeted a vessel at al-Makha port, killing three Pakistani crew members and injuring eight other seamen.

Three days later, the Houthis targeted two cargo ships at the Red Sea port, damaging the facility’s remaining infrastructure.

Due to the repeated Houthi attacks, operations were suspended last Friday to avoid putting the port’s 1,500 workers’ lives in danger.

For Al-Homaidi and other workers whose salaries were dependent on their daily labour, the port’s closure means a new struggle to put bread on the table.

“I am happy that we are safe at home today, but we are jobless now because we rely on daily wages,” Al-Homaidi said. “I don’t have any savings, and our food at home is running out. How can I provide basic needs for my family?”

Life beyond the seaport

Al-Homaidi also has experience working in al-Makha’s other major industry: fishing. But dangerous attacks around the Red Sea mean this is not an option for him and his colleagues at the port either.

Local fishermen have been ordered by local authorities not to go out to sea until further notice – but with money running low, a group of fishermen still ventured out on August 11. Their families are continuing to desperately search for them after they failed to return home.

With near-daily Houthi attacks on al-Makha, public beaches, parks, the coastal walkway and other areas have also been closed.

Families avoid going outside due to the threats of Houthi drones and missiles, and a strict nightly curfew for motorcycles is in place from 11pm to 6am.

Compounding the community’s suffering is a complete blackout of landline and mobile communications. Residents who can afford it use Starlink satellite internet. But for most Yemenis in al-Makha, there is no way to reach the outside world.

Back to square one

Abdulmalik Al-Sharabi, director of al-Makha port, confirmed to Al Jazeera that repeated Houthi attacks have forced the port to halt operations. At least six merchant vessels carrying commercial cargo have been struck since the most recent bout of violence, resulting in casualties among civilians and seamen.

“More than 1,500 port workers lost their jobs, while 16 were killed and 22 injured as a result of the Houthi attacks,” Al-Sharabi told Al Jazeera English.

Missile strikes have specifically targeted civilian infrastructure at the port and in surrounding areas, he said.

“The attacks targeted commercial and service areas, workshops, equipment, and the port pier, destroying it to the point that it ceased operations,” Al-Sharabi noted.

Operations across 30 shipping and customs clearance agencies have ground to a halt, affecting workers.

The port, which was closed between 2015 and 2021, serves as an economic lifeline for Taiz governorate as well as other Yemeni economic hubs such as Lahj, Hodeidah and Ibb. With it now closed, traders there will be forced to route imports via the port of Aden, driving up logistics costs.

“We were happy to have a seaport with such operational capacity, but today we are back to square one,” Al-Sharabi said.

No money, no food

Abdulraoof Abdullah, a fisherman in his 50s from al-Makha, has no source of income for his eight family members other than the fish he caught in the Red Sea. Due to the instability off al-Makha’s coast, he has not been out to sea since August 11.

“We are out of work now, and our homes are almost empty of food. We try to secure meals each day either by going into debt or asking friends for help,” he told Al Jazeera English.

With the port closed and food imports reduced, Abdullah said he expects prices to rise in the market, and he has no choice “but to pray to Allah.”

“We don’t have money to buy food for today, so how could we possibly have money to stockpile food?” he added.

“Most residents in Makha are fishermen, and we are currently out of work,” Abdullah said. “When we have jobs, we can buy food; otherwise, we will have to displace to another area where we can find work to support our families.”

Trading woes

Rashad, a local trader in al-Makha who preferred to be identified only by his first name, was importing goods through shipping agencies at the port since 2021. Given that his warehouses are just a few kilometres from the port, this was by far the cheapest option.

“Our goods are currently held up in Djibouti, and shipping costs have surged due to ongoing tension in the Red Sea,” Rashad told Al Jazeera. “Furthermore, we were just informed that our cargo will now be redirected to Aden, meaning we will have to pay significantly more for overland transport from Aden to al-Makha.”

With the warehouses still stocked with food from earlier orders, prices have not yet risen. But if the port remains closed, traders will be forced to increase prices on future shipments arriving via Aden.

“I am a resident of al-Makha before I am a trader. Any price increase directly impacts my family and neighbours – something I desperately want to avoid. But unless al-Makha seaport reopens soon, price hikes will be inevitable,” he added.

Although Rashad didn’t have any cargo on the ships that were recently hit in Houthi attacks, he said he feels empathy for other traders who suffered financial losses.

“Some people assume traders are financially comfortable, but we are in a state of constant worry. We track our shipments for months until they safely reach our warehouses,” he said.

“No one can imagine the devastation felt by traders who lost everything at al-Makha port. The harsh reality of this war has impacted every single Yemeni, and we are no exception.”

Passengers are being urged to check with their airline before travelling to the airport

An international airport in the UK has confirmed that it will be temporarily closed. Norwich Airport announced on social media that it would be closed between 8am and 1pm tomorrow (Friday, August 21).

This is apparently due to ‘ongoing industrial action’ involving certain members of air traffic control. The airport apologised for any disruption caused.

Passengers are being urged to check with their airline before travelling to the airport to catch their flight. In a post entitled ‘Industrial Action – Important passenger update – Friday 21 August, a statement on the airport’s social media account said: “Due to the ongoing industrial action, short of a strike, involving Prospect union members in Air Traffic Control, Norwich Airport will be closed to air traffic between 08:00 and 13:00 tomorrow, Friday 21 August.

“Airlines have been informed of the closure. Passengers should check with their airline for the latest information about their flight before travelling to the airport. We apologise to passengers for the inconvenience this may cause.

“Discussions with Prospect are continuing and we remain committed to resolving the dispute through constructive dialogue.”

A further statement on the website added: “The Prospect union has informed us that its Air Traffic Control members at Norwich Airport have voted in favour of industrial action, short of a strike, from 17th August in relation to pay and conditions.

“Discussions are continuing and we are firmly committed to resolving this dispute through constructive dialogue that avoids disruption to airport operations.”

‘Extremely disappointing’

Prospect members are reportedly demanding a 10 per cent pay rise, having only been offered 3 per cent so far.

David Avery, the union’s national secretary for aviation, said: “It is extremely disappointing that we have still not received an acceptable offer from Norwich Airport, which has left us with little choice but to push ahead with this industrial action

“Our members in air traffic control are not making unreasonable demands. They are simply asking for pay levels and terms and conditions that are normal for their colleagues across the country.”

A spokesperson for Norwich Airport said: “It is disappointing that Prospect has chosen to announce further industrial action while negotiations to resolve the dispute are ongoing.

“We remain firmly committed to resolving this dispute through constructive dialogue and will continue to engage with Prospect with the aim of reaching agreement.”

The Kennedy Center Board of Trustees on Thursday voted to move forward with President Trump’s plan to close the building for renovations for two years, according to the Associated Press. During the same meeting, the board, which is filled with the president’s allies, also voted to inscribe Trump’s name on the building.

The votes came after a federal judge in May ordered a halt to Trump’s plan to close the center, and also that Trump’s name be removed from the building, where it had been added to the venue’s official name. The new inscription will read, “Restored and Renovated by President Donald J. Trump,” according to the New York Times. Rep. Joyce Beatty confirmed the news to the AP. The move appears to be an attempt to sidestep U.S. District Judge Christopher R. Cooper’s ruling that the law “makes crystal clear that the Center is to be named for President Kennedy.”

Cooper wrote in that same ruling that the board’s original vote in March to close the venue beginning July 5 was “ill-informed and seemingly preordained.” But he left open the possibility of a closure if — after a more thorough investigation by the board into the plan — the decision was again made. The board’s recent vote came after it reviewed information about the repercussions and costs of a closure. This included three scenarios: a full closure, a partial closure over a period of five years and a limited series of phased closures, sources close to the situation told the AP, asking to remain anonymous.

It is unclear if the recent vote will again face legal pushback.

The Kennedy Center has been in crisis for more than a year, beginning in February 2025 when Trump fired its board and appointed himself chairman. He swiftly selected Richard Grenell, a former ambassador to Germany and a staunch ally, as acting director of the center. Under Trump and Grenell, the venue ruptured audiences and lost a slew of high-profile shows and artists including “Hamilton,” Shonda Rhimes and Ben Folds. The Washington National Opera also left the venue, which it had occupied for decades.

The situation worsened late last year after the board voted to rename the venue the Donald J. Trump and the John F. Kennedy Memorial Center for the Performing Arts. Performers, including jazz musician Chuck Redd, canceled a variety of holiday shows. The Kennedy Center threatened to sue Redd, creating a legal drama that continued until this week when a superior court judge in Washington, D.C., ordered the center to pay more than $250,000 to Redd to cover attorneys’ fees and other legal costs.

Published on
12/08/2026 – 16:50 GMT+2

Two of the most influential voices in energy markets set out opposing readings of the year on Wednesday.

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The IEA now expects the world to burn less oil in 2026 than it did in 2025, its first such call since Covid-19 ground the global economy to a near-halt, while OPEC still pencils in growth, leaving them more than two million barrels a day apart.

The Paris-based IEA now expects global oil demand to fall by 1.6 million barrels per day (mb/d) in 2026, a downgrade of 510,000 b/d from July.

“The ongoing closure of the Strait of Hormuz and elevated fuel prices continue to weigh on oil consumption,” it said, cutting its second-half forecast by roughly 550,000 b/d.

OPEC still expects demand to grow, though its estimate has been trimmed for a fourth consecutive month, to 580,000 b/d from 780,000 b/d.

The producer group has consistently argued the war has done less damage to consumption than Western forecasters believe, and the two sets of numbers imply a difference of about 2.2 mb/d in what the world will burn this year.

Supply still 6.3 million barrels short

The supply picture explains the pessimism.

Global production rose by 2.4 mb/d to 101.5 mb/d in July but remained 6.3 mb/d below year-earlier levels, with 8.3 mb/d of Gulf output still shut in.

Gulf production climbed to 23.9 mb/d, yet regional exports fell 2.1 mb/d to 15 mb/d after the Strait of Hormuz was effectively closed again in early July and tankers and infrastructure came under attack, with loadings sliding from 20 mb/d to around 12 mb/d.

With no deal to reopen the waterway or secure passage through Bab el-Mandeb, the IEA cut its supply forecasts again and now expects output to fall by 4.3 mb/d this year.

Observed global stocks also dropped by 69 million barrels in July to just under 7.9 billion, down 410 million since the war began.

Both bet on 2027

Where the two agree is next year.

OPEC now expects demand to grow by 2.2 mb/d in 2027, an upgrade from the 1.94 mb/d it forecast last month, while the IEA goes further still at 2.4 mb/d.

That is an inversion worth highlighting, as the gloomier forecaster for this year delivers a more bullish read for the next.

The IEA reads the damage as a blockage rather than a collapse, oil that cannot reach buyers rather than demand that has vanished, so the deeper this year’s hole, the steeper the climb out of it once Hormuz reopens.

OPEC, which never accepted that consumption fell much, has less ground to make up for.

The agency’s outlook rests explicitly on de-escalation, assuming flows gradually recover and turning this year’s supply contraction into growth of 8.3 mb/d, flipping a 1.3 mb/d deficit into a 4.6 mb/d surplus.

Aug. 12 (UPI) — The International Energy Agency warned Wednesday of a sharp drop in global stocks oil amid renewed disruption to exports via the Hormuz Strait and Caspian Sea resulting in “lower volumes of oil” transiting the seas to markets around the world.

In its August Oil Market Report, the agency said measurable global oil inventories — strategic reserves, on tankers at sea — plunged by 69 million barrels in July to just under 7.9 million barrels, down from 410 million barrels per day at the start of the war at the end of February.

Onshore stocks declined by just 6 million barrels per day as the pace of IEA releases of its emergency stocks eased, even as China continued to draw down on its crude oil reserves.

“Although the market is projected to return to surplus towards the end of this year, risks remain substantial and the urgency of reopening the Strait has increased, as previously available inventory buffers are rapidly depleting,” the IEA said.

The IEA data comes two days after the U.S. Department of Energy said the country’s Strategic Petroleum Reserve had fallen to less than 300 million barrels in the previous week, its lowest level in 43 years — but still well above the 70 million barrel minimum for it to run as intended.

President Donald Trump ordered 172 million barrels to be released in March after exports from Gulf producers including Saudi Arabia Kuwait, Bahrain, and the UAE were severely curtailed by Iran closing the Strait of Hormuz.

Use of other routes to move oil and the drawing down of inventories, including China’s massive 1.4 billion barrel reserve which has seen a sharp drop in its oil imports, have so far helped ward off the damaging global oil shortage it was feared the closure of the Hormuz Strait would trigger.

The IEA also warned that the destruction of global demand for oil was escalating, driven by the continuing closure of the Strait of Hormuz and high fuel prices suppressing consumption, forecasting a 1.6 million barrels per day drop in demand in 2026, up from its previous estimate of 1 million barrels per day.

However, it said said the pace of market contraction would slow, down from a 4.9 million barrels per day decline in the second quarter to 2.8 million barrels per day drop in the third quarter, and return to growth in the final quarter, with expansion of global demand of 2.4 million barrels per day expected in 2027.

On the supply side, the IEA said overall production for 2026 would fall more sharply than demand, but would bounce back to outpace demand in 2027.

Production rose by 2.4 million barrels per day to 101.5 barrels per day in July, but remained well short of the 6.3 million barrels per day supply growth pace seen in July 2025, with 8.3 million barrels per day of Persian Gulf output “still shut in.”

“Renewed hostilities and maritime disruptions in July and early August undermined the recovery efforts, reducing projected third quarter 2026 oil supply by 1.7 million barrels per day compared with last month’s report.

“Global oil supply is now projected to decline by 4.3 million barrels per day on average in 2026 and rebound by 8.3 million barrels per day next year to 110.3 million barrels per day,” the IEA said.