The International Energy Agency's Executive Director Fatih Birol warned that the global oil market could enter a critical supply shortage phase in July or August without a lasting resolution to an ongoing conflict, potentially triggering broader economic instability.

The International Energy Agency warned Thursday that overlapping peak harvest demand and possible Strait of Hormuz closure could push global oil markets into crisis this summer. IEA Director Fatih Birol expressed hope for reopening the vital shipping lane, cautioning that sustained supply disruptions combined with declining stocks pose serious risks to agricultural operations and broader market stability.