Oil futures slide as OPEC, IEA forecast 2026 demand drop

Oil is one of the most important fuels in the world — it helps cars, planes and ships move.

Every day, grown-ups around the world buy and sell oil, and the price can go up or down.

On Thursday morning, the price of oil went down a little.

Two big groups of experts, OPEC and the IEA, released reports saying that in 2026, the world probably won't need as much oil as expected.

OPEC thinks demand will still grow a little bit, but the IEA thinks it will shrink by a lot.

One big reason is that the Strait of Hormuz, a narrow sea path that many oil ships use, is closed.

Another reason is that fuel prices are very high, so people and companies are trying to use less fuel.

President Donald Trump said on his website Truth Social that the US Navy is blockading the strait and that America has "total control" over it.

But some experts say the US and Iran are still stuck in a standoff over the strait.

When big world events like this happen, they can change the price of the oil we use every day.