Trump says global oil reserves would have run out in four weeks without an Iran deal

Donald Trump said at the G7 summit in France that, without a deal with Iran, global oil reserves would have been depleted within four weeks. The IEA also sharply lowered its 2026 demand outlook, now projecting a year-on-year decline of about 420,000 bpd—around 1.3 million bpd below its pre-conflict estimates. While demand looks weaker, the agency said supply growth remains relatively resilient even as geopolitical tensions continue to threaten key shipping routes such as the Strait of Hormuz.