Exxon Texas Vote Faces $160 Oil Warning While Hormuz Talks Stall

Houston, May 30, 2026, 17:04 CDT Exxon Mobil senior vice president Neil Chapman told a Bernstein investor conference that crude prices could spike to $150-$160 a barrel in just weeks if global inventories drop to minimum levels.

Exxon Texas Vote Faces $160 Oil Warning While Hormuz Talks Stall. Houston, May 30, 2026, 17:04 CDT Exxon Mobil senior vice president Neil Chapman told a Bernstein investor conference that crude prices could spike to $150-$160 a barrel in just weeks if global inventories drop to minimum levels. The warning adds pressure to the oil market, even as futures slipped on hopes for a U.S.-Iran ceasefire. “We’re approaching unheard of inventory levels,” Chapman said. Once stocks hit the bottom, prices can “shoot up.” Traders right now are betting on a diplomatic exit, but executives keep watching real oil flows. Brent crude finished Friday at $92.05 and U.S. West Texas Intermediate at $87.36 a barrel. Reuters said the U.S.-Iran deal wasn’t done yet, and shipping through the Strait of Hormuz is still much lower than before the war. “I’m surprised p...