The closure of the Strait of Hormuz, a vital maritime chokepoint for global oil and gas trade, continues to disrupt energy markets, prompting warnings from Fatih Birol, executive director of the International Energy Agency (IEA). Since early March, Iran has blocked this critical route following joint U.S.-Israel military strikes. Birol cautioned that global oil markets could enter a 'red zone' by July-August, indicating a potential financial crisis driven by rising fuel prices. He emphasized the need for the 'full and unconditional' reopening of the Strait to alleviate the situation. The IEA is prepared to release more strategic oil reserves, as it did in March, to stabilize markets. Currently, approximately 14 million barrels of oil per day are missing from the market due to the ongoing conflict, which Birol described as worse than the disruptions caused by the 2022 Russian invasion of Ukraine. Meanwhile, U.S. President Donald Trump asserted that the U.S. maintains 'total control' over the Strait of Hormuz through naval blockades, insisting that Iran should reopen the waterway without conditions.