Exxon CEO Warns of Potential Oil Price Spikes Due to Strait of Hormuz Disruptions
ExxonMobil CEO Darren Woods warned that the market has not fully priced in the potential impact of ongoing disruptions at the Strait of Hormuz, which handles about 20% of global oil supply. He noted that emergency stockpiles and inventories have been used to offset initial price pressures but cautioned that prices could rise significantly once these reserves are depleted.
Tickers: $XOM
Topics: CEO statement oil prices Strait of Hormuz supply disruption