Energy agency lowers world oil demand forecast for the year

What happened: The International Energy Agency lowered its world oil demand forecast for the year, citing the war in Iran, escalating fuel prices, limited oil supplies and a deteriorating economic outlook. Key numbers: Global oil demand predicted to drop 2.5 million barrels a day year-over-year in Q4 and 2.6 million barrels a day on average this year. Diesel expected to account for 25% of the drop. Why it matters: The agency said renewed Gulf attacks leave the recovery fragile. Energy policy experts say Trump's diesel deal with Putin is unlikely to dent high pump prices. Coverage: 3 outlets in 24h

The International Energy Agency lowered its world oil demand forecast for the year, citing the war in Iran, escalating fuel prices, limited oil supplies and a deteriorating economic outlook.

The agency said renewed Gulf attacks leave the recovery fragile. Energy policy experts say Trump's diesel deal with Putin is unlikely to dent high pump prices.