Global fossil-fuel emissions are projected to decline by 0.5% in 2026 due to the Hormuz crisis, which has disrupted oil and gas trade and spiked prices, incentivizing switches to alternatives. While coal demand is rising 1.2% partly due to higher gas prices, reductions in oil and gas emissions are expected to outweigh this increase, with oil demand forecast to drop 2.4% from 2025 levels.