IEA Chief Warns Oil Market May Face Crisis in July-August
The International Energy Agency (IEA) Executive Director Fatih Birol warned that the oil market could enter a 'red zone' during July and August due to peak summer demand, lack of new Middle East exports, and depleting stocks. The crisis is attributed to attacks on energy infrastructure and Iran's closure of the Strait of Hormuz.
Topics: energy supply crisis oil Strait of Hormuz strategic reserves