Day: March 20, 2026

Governments around the world are pressuring consumers to reduce energy use in one of the broadest efforts to alter fuel-consumption habits since the 1970s, as the Iran war drives oil-and-gas prices sharply higher.

The changes are being rolled out as a mix of voluntary acts, soft restrictions and incentives to cut demand. But the policies are multiplying and growing more constraining as the crisis continues.

The war has closed the Strait of Hormuz, which normally caters to about 20% of global oil consumption, causing the biggest supply shock in the history of the oil market, according to the International Energy Agency.