'Red Zone' looms for oil markets in July/August if Hormuz stays closed, IEA chief warns

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The continuing Strait of Hormuz closure has renewed focus on global energy security and energy transition debates. During a visit to Chatham House on 21 May, Dr Fatih Birol, Executive Director of the International Energy Agency, warns that oil markets are under mounting pressure from high prices, declining stocks, and the continuing closure of the Strait of Hormuz, with the risk of entering a 'red zone' of volatility as oil demand rises during the summer travel season. #ChathamHouse #IEA #EnergySecurity #OilMarkets #StraitOfHormuz