IEA's Birol warns oil market could hit "red zone" in July or August as stocks fall

International Energy Agency chief Fatih Birol said on Thursday that oil markets could move into a "red zone" in July or August as global inventories keep declining while summer travel demand rises. He said the key remedy to the Iran war's energy shock is a full, unconditional reopening of the Strait of Hormuz, warning that continued closure without new Middle East supply could tighten markets further.