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IEA: Reducing Oil Use Could Lower Prices Amid Iran Conflict

3/26/2026

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Summary

Story summary

The International Energy Agency (IEA) says reducing oil use could ease energy prices tied to the Iran war.
Economists say shifting American driving habits is hard due to limited public transit, though carpooling and working from home help.
They warn oil demand remains inelastic in the short term, so higher prices may be needed.
Oil prices have surged about 40% since late February, and sustained highs could curb activity.

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Story summary

The International Energy Agency (IEA) says reducing oil use could ease energy prices tied to the Iran war.
Economists say shifting American driving habits is hard due to limited public transit, though carpooling and working from home help.
They warn oil demand remains inelastic in the short term, so higher prices may be needed.
Oil prices have surged about 40% since late February, and sustained highs could curb activity.