Exxon CEO says oil prices may rise as Iran war disrupts supply

Exxon Mobil CEO Darren Woods said the oil market has not yet fully reflected the supply disruption caused by the war between Iran and Israel and the closure of the Strait of Hormuz. Speaking on Exxon’s firstquarter earnings call on Friday, Woods said tankers already in transit, strategic reserves and commercial inventories have helped cushion the immediate impact. He added that those buffers will not last indefinitely if the conflict continues. Woods said oil flows from the Persian Gulf could take one to two months to return to normal after the strait reopens because vessels must be repositioned and the supply backlog must clear. Exxon also said its Middle East production could fall if the waterway remains closed through the second quarter, and the company said the conflict has affected part of its output and throughput.