The IEA warns global oil stocks could hit historical lows this summer as Hormuz-driven supply losses and record SPR drawdowns collide with peak seasonal demand.

"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.”

The IEA warns global oil stocks could hit historical lows this summer as Hormuz-driven supply losses and record SPR drawdowns collide with peak seasonal demand.