The Geopolitics of Oil: A Crisis Brewing in Plain Sight The International Energy Agency's chief, Fatih Birol, has issued a stark warning: the oil markets are headed towards a "red zone" by July and August.
This means that global supplies of crude will be stretched to breaking point, forcing up prices and potentially crippling economies around the world. Birol's diagnosis is grim.
The Iran crisis has caused a shortage of fresh oil exports from the Middle East, which is exacerbated by dwindling stocks, rising demand during the summer travel season, and no new oil coming in to plug the gap.