Oil markets are approaching critical operating levels, particularly in Asia, as disruptions from the ongoing Iran war continue to impact global supply. Jeff Currie, chief strategy officer at Carlyle, stated that Europe is likely to experience similar shortages soon, with the U.S. potentially facing supply issues by July. Currie highlighted that while global inventory figures may appear sufficient, much of this oil is not immediately usable, as it is required to maintain pipeline and storage operations. The International Energy Agency has warned of a possible critical supply squeeze during the summer peak, especially if Middle Eastern exports do not recover. Currie criticized temporary measures like suspending the U.S. gasoline tax, asserting that they do not resolve the fundamental supply crunch. He emphasized that the reopening of the Strait of Hormuz is essential for long-term market stability, as dwindling inventories are increasing Iran's negotiating power in ongoing discussions. Currie's remarks underscore the urgency of addressing these supply challenges as global energy markets remain volatile.