Darren Woods, CEO of Exonmobil, has described the impact of the Middle East struggle on the global oil market on the ‘special report’.
If according to industry experts, the growing struggle between Israel and Iran cuts the supply significantly in the global oil market, then prices may increase by $ 120 per barrel due to a possible shipping lane for a significant shipping lane.
The price of West Texas Intermediate, a major crude oil benchmark, is sitting around a one -year high, while the global benchmark Brent crude is close to a five -month high on Wednesday as the conflict between Israel and Iran enters its sixth day.
chairman Donald Trump According to the Commodities Strategist EWA Mainathe in the ING Financial Service, to discuss the growing struggle with his national security team on Tuesday, can prepare to join the US attack, create more volatility in the market.
Exxonmobil’s CEO spoke of oil supply amidst Iran-Israeli conflict
Smoke Bill for the second day from Shahran Oil Depot in North -West -on 16 June, 2025. (Getty Image / Getty Image)
But Month said that “significant concern for the market” is likely to disintegrate for shipping through the Strait of Hormuz of an important waterway, which connects the Persian Gulf to the Gulf of Oman and the Arabian Sea. The waterway is sufficient to handle not only the world’s largest crude oil tankers. According to it according to one of the world’s most important oil chokes Energy information administration,
Exonmobil CEO Darren Woods Echoing those concerns, while the supply of global oil is sufficient to face an disruption in Iranian exports, the effect of more anxiety on oil shipments through that waterway, which transfers almost one -third global seborn oil trade.
On June 15, 2025, a pile of heavy smoke grows from an oil refinery in southern Tehran after being hit in the Israeli strike overnight. (Atta kenare / AFP Getty Image / Getty Image)
In 2024, about 20%of the consumption of 20 million barrel oil, global petroleum fluid flowed through the waterway. According to the EIA, if it is closed, there are also very little alternative options to get out of the oil.
Oil prices rise after Israel’s attacks on Iran
A significant disruption for these flows will be enough to push the prices $ 120 per barrelAccording to the month. But if the disintegration remains towards the end of the year, he said that Brent crossing the record high of $ 150 per barrel in 2008, Brent can trade at a new record height.
On March 6, 2025, President Donald Trump sent a letter to Iran’s supreme leader Ayatollah Ali Khameni, stating that he “make a deal” with the US at his nuclear program or “military ‘faced with America or America. (Fox News image using Getty Image / Getty Image)
“If this happens, we will have to see governments tapping in their strategic petroleum reserves,” the month said that it includes the US, which sits on more than 400 million barrels in its strategic petroleum reserves on more than 400 million barrels.
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Manthey said that another solution would be if the organization of the Petroleum exporting countries (OPEC+) tapped its additional production capacity of more than 5 million barrels per day.
“When they are in the process of bringing back the online supply, an disruption for the Iranian supply can motivate them to bring this supply back at even faster,” the month said.
