BREAKING: The IEA just made one of the largest forecast revisions in its history as oil demand falls for the first time since 2020 amid the Iran war.

The IEA reports Hormuz flows have COLLAPSED to 3.8M bpd in early April, vs 20M+ bpd pre-war.

Global oil supply is predicted to EXCEED demand by just 410K bpd in 2026, vs 2.46M bpd previously.

Worst of all, world oil supply is now seen FALLING by 1.5M bpd in 2026, vs a prior forecast for a 1.1M bpd rise.

World oil demand is also seen FALLING 80K bpd in 2026, vs a prior forecast for a 640K bpd rise.

The IEA says reopening the Strait of Hormuz is the single most important variable for easing energy prices.

This is a full-blown global energy emergency.