Oil Markets Heading for ‘Red Zone’ This Summer, IEA’s Fatih Birol Warns Over Iran Crisis
The Paris-based International Energy Agency warned on Thursday 21 May 2026 that the global oil market could enter a ‘red zone’ this summer, with a supply shortage in July or August, if the Iran conflict remains unresolved. ECB President Lagarde had earlier estimated potential supply loss at 13 million barrels per day.