New Delhi, June 10 -- Oil analysts have been scratching their heads for months about why prices haven't risen more. Brent crude has been hovering around $91 a barrel, despite the world experiencing its worst supply disruption ever because of the Iran war.

One explanation has been gaining traction, though, and it's bad news for producers: The world may be figuring out how to get by with less oil.

J.P. Morgan analyst Natasha Kaneva saw evidence of a change in behavior last month when she traveled to China, which appeared to be using about 9% less oil than before the war, "with remarkably little visible disruption," she wrote.

"The decline does not appear to be the product of a formal government conservation campaign," she added. "There w...