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Global oil demand will decline this year for the first time since the 2009 financial crisis as the coronavirus slams the world economy.

Oil plunged to the lowest level in 14 months as panic from the fast-spreading coronavirus spiraled global markets deeper into losses for the seventh straight day.

Oil is headed for its biggest weekly loss since July as the prospect of an immediate confrontation between the U.S. and Iran abated, allaying fears of disruption to Middle East energy supplies.

Oil’s rally faded as the U.S. said Iranian airstrikes on military bases in Iraq didn’t cause any casualties, reinforcing speculation that Tehran is opting for limited retaliation over the killing of a top general.

PROVIDENCE, R.I. — The global benchmark for crude oil rose above $70 a barrel Jan. 6 for the first time in more than three months, with jitters rising over the escalating military tensions between Iran and the United States.

LONDON — The price of oil surged Jan. 3 as global investors were gripped with uncertainty over the potential repercussions after the United States killed Iran’s top general.

Oil rose above $60 a barrel for the first time in almost three months after the U.S. and China agreed on the text of a partial trade deal, giving a boost to the fragile outlook for global oil demand.

DUBAI, United Arab Emirates — Global energy prices spiked Sept. 16 after a weekend attack on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record, an assault for which President Donald Trump warned that the U.S. was “locked and loaded” to respond.

Oil rose after four days of losses as President Donald Trump gave mixed signals on resolving the U.S.-China trade dispute.

NEW DELHI — Oil giant Saudi Aramco is buying 20% of Indian conglomerate Reliance Industries’ oil and chemicals business for about $15 billion.