The IEA warns global oil inventories may hit historic lows before peak summer demand, with 250 million barrels drawn in two months amid Gulf supply losses.

"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.