Chevron and Exxon warn shrinking crude buffers could spike prices amid escalating Middle East conflict and supply risks.
Crude oil prices face upward pressure as shrinking inventories reduce market buffers, according to executives at Chevron and Exxon. The warnings come amid fresh U.S.-Iran strikes, which threaten to disrupt supply chains and tighten global oil markets further.
Stock index futures showed mixed movement ahead of the open, reflecting cautious trading sentiment. Prior sessions saw volatility as geopolitical risks weighed on investor outlooks, with crude prices already elevated due to OPEC+ production cuts and seasonal demand.
No immediate market reaction was detailed, but analysts suggest prolonged tensions could accelerate price increases in the coming months.