The start of peak summer fuel demand combined with the lack of new oil exports from the Middle East and depleting stocks could push the oil market into the "red zone" in July-August, the head of the International Energy Agency said on Thursday. "We may be entering the red zone in July or August if we don’t see that there are some improvements in the situation," Birol said in a speech at Chatham House in London, in reference to the oil supply crisis brought about by the Iran war.
Attacks on energy infrastructure and Iran's effective closure of the Strait of Hormuz have removed over 14 million barrels per day (bpd) of oil supply from the Middle East, the largest oil supply crisis in history.
