Phillips 66 CEO Warns Oil Supply Disruption from Iran Conflict Will Take Time to Recover
Phillips 66 CEO Mark Lashier warned that oil supply disruptions caused by the Iran conflict will not quickly recover, requiring significant redesign and repair efforts. The global energy system has already been damaged, with crude oil prices dropping 7% to $92 per barrel, though still 30% above pre-conflict levels. The disruption in the Strait of Hormuz has led to logistical challenges and a global reshuffling of oil supply.
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Topics: energy markets geopolitical impact Iran conflict oil supply Phillips 66