Fatih Birol, the executive director of the International Energy Agency (IEA), warned that oil markets are on the brink of entering a 'red zone' by July and August due to diminishing stocks and rising demand, particularly from the summer travel season. He highlighted that geopolitical tensions, especially related to the Iran conflict, are exacerbating the situation, with a significant reduction in oil exports from the Middle East. Birol indicated that the IEA is prepared to coordinate the release of strategic oil reserves, noting that 80% of these reserves remain untouched. He described the current oil crisis as unprecedented, surpassing previous shocks from 1973, 1979, and the recent crisis following Russia's invasion of Ukraine. The IEA chief emphasized that 14 million barrels of oil per day are missing from the market, and he foresees no full recovery in oil production for at least a year. Birol also expressed concerns about the long-term viability of oil-dependent countries like Iraq, which may struggle to reinvest in production. As geopolitical dynamics evolve, he anticipates that governments will reassess their energy strategies, seeking alternatives such as renewables and nuclear energy. Meanwhile, diplomatic efforts involving Iran and the U.S. face hurdles, with Iran's refusal to export its enriched uranium complicating negotiations.