Analysts warn record inventory drawdowns, collapsing Hormuz exports, and rising summer fuel demand are tightening markets far faster than expected.

Oil markets are nearing minimum operating levels in Asia, with Europe likely next and the U.S. potentially facing shortages by July, said Carlyle's Jeff Currie.

Analysts warn record inventory drawdowns, collapsing Hormuz exports, and rising summer fuel demand are tightening markets far faster than expected.

Executives from the largest US energy companies warned on Thursday that oil prices are likely to spike this summer, as the buffers the US and other western countries used to…

"We continue to expect that most of the demand destruction required to clear..."

"You can debate whether that’s going to hit those really low levels in two weeks or three weeks. Once you get to that point, then you’ll see price shoot up.”