IEA warns oil market may enter 'red zone' (opens in new tab)

International Energy Agency Executive Director Fatih Birol warned Thursday that global oil markets could enter a "red zone" in July or August as peak summer fuel demand begins, Middle East exports remain constrained and inventories decline. Birol said fully and unconditionally reopening the Strait of Hormuz would be the main step to ease the supply shock. Oil prices rose Friday as traders weighed U.S.-Iran talks and supply risks. Brent crude climbed $1.66, or 1.6%, to $104.24 a barrel by 0405...