ExxonMobil and Chevron executives warned on May 31, 2026, that global oil inventories have reached critically low levels. Brent crude prices could surge to $150 or $160 per barrel within weeks.
The closure of the Strait of Hormuz forced the market to drain stockpiles at an unsustainable rate. This depletion removes the primary buffer against severe price shocks.
Exxon Mobil Senior Vice President Neil Chapman described current inventory levels as unheard of. He stated that rapid price increases are inevitable once stockpiles are fully depleted.
Chevron leadership noted that futures markets do not yet reflect the physical supply shortage. These warnings arrive as a potential U.S.-Iran ceasefire recently cooled market prices.