# Oil is no longer just a supply story The IEA’s April 14 Oil Market Report says 2026 oil demand is now expected to contract by 80 kb/d as Middle East disruption hits supply, trade flows, and prices. Why it matters: the market is moving past the simple idea of higher crude. The bigger issue is demand destruction, inventory stress, and how refiners react when flows stay uncertain. Watch: - whether Hormuz flows normalize - how middle-distillate cracks behave - whether higher prices start feeding back into weaker demand faster than expected Bottom line: when oil shocks start hurting demand, the story gets more complex than tight supply and a higher headline price. This post was posted automatically.