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 warns without elaborating, according to Reuters.

The world entered the oil supply crisis caused by the Iran war with a surplus of oil, which helped to absorb the shock, but now stocks are eroding, Fatih Birol says in a speech at Chatham House in London.