Oil prices may be starting to come down for a worrisome reason

Iran warOil prices may be starting to come down for a worrisome reasonThe largest oil shock in history caused prices to surge. Now they're so high that they may be causing "demand destruction." That would mean slower economic growth. Listen to this article with a free account00:0000:00Add NBC News to GoogleChinese ship passes through the Strait of Hormuz despite blockade00:44Get more newsLiveonShareAdd NBC News to GoogleApril 14, 2026, 12:01 PM EDTBy Rob WileOil prices have started to slip — but not necessarily for reasons that suggest a return to market normalcy.Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.The International Energy Agency said Tuesday that “demand destruction” has begun to unfold. As a result of the acute energy commodity shortages stemming from the closure of the Strait of Hormuz, oil appears to have reached a point where it is now so expensive that overseas businesses and households have begun curbing investment and consumption. Countries in Asia, Europe and even other parts of the Middle East that depend on supplies passing through the strait have begun curtailing their use of natural gas, seen waves of flight cancellations and implemented policies to reduce overall fuel use, the agency noted in the report.It’s a phenomenon likely to affect global economic growth. And while it does not yet appear to be affecting the U.S. economy, any impact would threaten to destabilize an already fragile labor market. The IEA believes demand destruction could become a global trend. “Demand destruction will spread as scarcity and higher prices persist,” it said.The report comes as President Donald Trump has announced a targeted blockade of the Strait of Hormuz in a bid to increase economic pressure on Iran. The global economy has so far proven resilient — but that may soon change. Add NBC News to GoogleApr. 13: Why Trump Wants to Close The Strait of Hormuz and the Fight with Pope Leo XIV16:39Tr...