The Organization of the Petroleum Exporting Countries cut the expected global oil demand for 2026 again on Thursday.

OPEC’s June report showed a slightly downward trend in forecasted oil demand worldwide for the rest of the year, releasing the report during a heightened week of tensions in the war between the United States, Israel, and Iran. Much of the recent concern has centered on the Strait of Hormuz, as Iran announced a full closure of the crucial oil-shipping waterway on Wednesday evening.