A top oil market expert warns traders are misreading Iran signals — and that a major price spike is coming in July as the Strait of Hormuz closure grinds on.

A top oil market expert warns traders are misreading Iran signals — and that a major price spike is coming in July as the Strait of Hormuz closure grinds on.

"The bottom line is that the supply shortfall will build in the coming months as temporary buffers are depleted..."