The UK’s oil reserves could begin to dwindle just as the summer travel season begins, the executive director of the International Energy Agency (IEA) has warned, threatening huge price shocks around July and August.
Dr Fatih Birol said this is when oil markets will enter the “red zone”, as the ongoing US-Iran war takes its toll on economies around the globe. Dr Birol added that the most imperative solution to the current energy shock is the full and unconditional reopening of the Strait of Hormuz.
