IEA Warns Oil Markets May Enter 'Red Zone' by July Due to Depleting Stocks
The International Energy Agency (IEA) warned that oil markets could enter a critical phase, or 'red zone,' in July as global stockpiles dwindle and demand rises during the summer travel season. IEA Executive Director Fatih Birol emphasized the need for an unconditional reopening of the Strait of Hormuz to alleviate energy shocks.
Topics: IEA Iran war energy shock oil Strait of Hormuz