Iran war, Hormuz disruptions drive first drop in global fossil fuel emissions since 2020 - report

Global fossil fuel emissions are projected to fall 0.4% in 2026, to about 38.2 billion metric tons of carbon dioxide, as several nations have had to cut back on oil and gas due to disruptions caused by the war between the US and Iran, researchers said on Monday, according to the New York Times.The Strait of Hormuz, in normal times, carries roughly one-fifth of the world's oil and liquefied natural gas. The shipping lanes lie mostly in Omani territorial waters and partly in Iranian waters, but the passage itself is governed by international maritime law. That geography makes the strait difficult to seal completely for a long period, but relatively easy to disrupt in ways that can quickly affect energy markets, insurance costs, and global trade.Between the Hormuz disruptions and the ongoing war between Russia and Ukraine, global prices of crude oil, natural gas, gasoline, and diesel have skyrocketed, prompting many nations to use less of them and pivot to domestic alternatives such as coal or renewable energy, the NYT reported.'It's pretty rare to see a drop in oil demand this big'This year's decline is the first since the coronavirus pandemic in 2020, the NYT noted.Before the war, analysts had expected emissions to rise slightly this year. “It's pretty rare to see a drop in oil demand this big,”