Oil market could enter ‘red zone’ by July as stocks dwindle ahead of summer travel season, IEA chief says

The oil market risks entering a 'red zone' by July as crude stocks decline ahead of the summer travel season, according to IEA leadership. IEA Executive Director Fatih Birol emphasized that reopening the Strait of Hormuz without conditions is the most critical solution to address energy shocks related to the Iran situation.