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The Guardian - UK
The Guardian - UK
World
Patrick Wintour Diplomatic editor

Oil markets nearing ‘red zone’ as Iran crisis continues, warns IEA chief

IEA Fatih Birol Oil Donald Trump Iran United Nations United States Anwar Gargash International Atomic Energy Agency Pakistan
People driving past an anti-US billboard in Tehran.
Fatih Birol said a full reopening of the strait of Hormuz could draw a line under the the Iran war energy shock. Photograph: Majid Asgaripour/Reuters

Oil markets will enter the “red zone” by July and August as stocks dwindle before the summer travel season amid a shortage of fresh oil exports from the Middle East, the executive director of the International Energy Agency warned on Thursday.

Fatih Birol added that the most important solution to the Iran war energy shock was a full and unconditional reopening of the strait of Hormuz.

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