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Story summary
- Iran's war disrupted Strait of Hormuz traffic, pushing oil prices above $100 a barrel and causing demand destruction.
- Goldman Sachs analysts said in March that $100-plus prices intensify demand destruction.
- The International Energy Agency warned in April that demand could fall by 1.5 million barrels per day this quarter.
- MIT Sloan professor Catherine Wolfram said consumers are turning to Zoom meetings and nearer-home vacations as alternatives.
