IEA Chief Says Oil Markets Could Enter 'Red Zone' As Reserves Continue To Drop

IEA chief Fatih Birol warned that oil markets could enter a "red zone" as stocks continue to decrease. (Credit: AFP)

IEA chief Fatih Birol warned that oil markets could enter a "red zone" in the summer as reserves continue to decrease while the Strait of Hormuz remains closed during hostilities between the U.S. and Iran.

Speaking during a Chatham House session about the impact of the key waterway's closure, Birol said its full reopening is the main solution to the crisis.