Oil Market Could Hit Red Zone in July and August, IEA Says

Executive Director of the International Energy Agency Fatih Birol poses for a portrait at the International Energy Agency headquarters in Paris on April 30, 2026. Ludovic Marin/AFP via Getty ImagesThe start of summer travel season this year could trigger a global energy crisis if the Strait of Hormuz remains closed and Middle East oil supplies continue to deplete, the head of the International Energy Agency (IEA) predicted on May 21.“We may be entering the red zone in July or August if we don’t see that there are some improvements in the situation,” IEA Executive Director Fatih Birol said in a speech at Chatham House in London, in reference to the oil supply crisis resulting from the Iran war.