Worldwide demand is down mostly because China demand is down. Which is why Saudi Arabia/OPEC is considering more production cuts. Plus US production is up.
This is because the Biden administration is not enforcing the sanctions that the Trump administration levied on Iran. Iranian oil exports are up because of this. Which kept the Iranian leaders from wanting any direct part in the Hamas/Israel conflict. They basically told Hamas you are on your own.
Priceless. And without Iran helping directly, we are destroying Hamas! All they can do is lie about civilian deaths.