Exxon, Chevron warn oil could hit $160 within weeks (opens in new tab)

Executives at Exxon Mobil and Chevron warned that global oil inventories could reach very low levels within weeks as the war with Iran keeps the Strait of Hormuz effectively closed and forces major consuming countries to draw down reserves. Exxon Senior Vice President Neil Chapman said inventories were approaching “unheard of” levels and that oil prices could “shoot up” once stockpiles reach operationally tight levels. Crude prices remained below $100, with Watson reporting oil at a little mo...