According to CoinMeta, the International Energy Agency (IEA) stated that the closure of the Strait of Hormuz is exacerbating global economic pressures, with global oil demand expected to fall by 1.6 million barrels per day this year, which is an increase of 510,000 barrels per day from previous forecasts. High oil prices will continue to suppress consumption, although demand is expected to rebound within the year and begin to grow again in the last quarter. The IEA also noted that the situation in the Strait of Hormuz remains chaotic, and no agreement has been reached between Washington and Tehran to reopen this important waterway. Additionally, global oil supply decreased by 6.3 million barrels per day in July, leading to increased volatility in crude oil prices. International benchmark Brent crude oil broke through $100 per barrel last month but also fell to near $70 per barrel, and the current trading price is slightly below $90 per barrel. U.S. crude oil inventories have dropped below 300 million barrels, to the lowest level in over four decades. The International Monetary Fund (IMF) has lowered its annual economic growth forecast from 3.3% to 3%.