The World Bank Group in Washington on Oct. 3, 2024. Madalina Vasiliu/The Epoch TimesThe World Bank has warned that disruptions in the Strait of Hormuz and escalating conflict in the Middle East are triggering a global oil supply shock that is beginning to suppress energy demand worldwide.In its May 7 analysis, the World Bank said that global oil demand declined by 0.8 million barrels per day year-over-year in March and is forecast to fall by another 1.5 million barrels per day in the second quarter of 2026.
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