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Exxon Mobil CEO expects higher oil prices due to Iran war: ‘The market hasn’t seen the full impact’
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- Exxon Mobil CEO Darren Woods warned Friday that the market has not absorbed the full impact of the unprecedented oil supply disruption triggered by the Iran war and the closure of the Strait of Hormuz.
- The disruption has been mitigated by the large number of loaded oil tankers that were in transit during the first month of the war, Woods told investors on Exxon's first-quarter earnings call.
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Exxon Mobil CEO Darren Woods warned Friday that the market has not absorbed the full impact of the unprecedented oil supply disruption triggered by the Iran war and the closure of the Strait of Hormuz.
The disruption has been mitigated by the large number of loaded oil tankers that were in transit during the first month of the war, Woods told investors on Exxon's first-quarter earnings call. Strategic petroleum reserves have also been released and commercial inventories drawn down, the CEO said.
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