Executives from Exxon and Chevron said that falling crude inventories could push Brent crude prices to $150–$160 a barrel within weeks [1, 2].
This projection signals a potential global energy shock that could increase costs for consumers and disrupt international trade. The warning comes as geopolitical instability threatens the stability of the global oil supply chain.
Speaking at a Bernstein conference, Chevron CEO Mike Wirth and Exxon senior vice president Neil Chapman discussed the volatility of the current market. They said that oil prices may rise in the next two months as crude inventories fall due to the U.S.-Iran war [4].
Chapman highlighted the risk associated with physical oil shipments. He said the price of physical Brent oil cargoes will spike to $150 to $160 per barrel once inventories hit all-time lows [3].
The executives attributed the tightening supply to near-record-low inventories [5]. Chapman said these levels are dangerously low [6].
According to Chapman, the industry expects Brent to hit $150–$160 per barrel in the coming weeks [1]. The combined outlook from the two supermajors suggests that the market is highly susceptible to further supply disruptions, particularly those stemming from the ongoing conflict between the U.S. and Iran [4].
Neither executive provided a specific date for the expected price peak, though the timeframe was described as occurring within weeks [1] or over the next two months [4].
“Brent crude prices could hit $150–$160 a barrel within weeks.”
The warnings from the leaders of the world's two largest publicly traded oil companies suggest a critical vulnerability in global energy reserves. By linking the price spike directly to U.S.-Iran tensions and record-low inventories, the executives are signaling that the market has little to no buffer against further geopolitical shocks, which typically leads to immediate inflationary pressure on fuel and transportation costs worldwide.
