<div id="readability-page-1">Severe supply squeeze: IEA says global oil markets will stay severely undersupplied until October, even if the Gulf conflict ends soon. Historic market shock: Strait of Hormuz closure has cut Persian Gulf output by over 14 million barrels per day, draining global inventories. Economic ripple effects: Rising fuel costs threaten global inflation, food prices, and political stability, while OPEC faces internal fractures.</div>

<p>The IEA warns that global oil markets will remain severely undersupplied until October, even if the Gulf conflict resolves quickly. The closure of the Strait of Hormuz has reduced Persian Gulf output by over 14 million barrels per day, impacting global inventories. Rising fuel costs are expected to exacerbate global inflation, food prices, and political stability, while OPEC faces internal challenges.</p>

IEA warns oil market to remain severely undersupplied until October