Shell’s CEO Warned Oil Prices Would Keep Rising.
Hormuz Talks Are Testing That Call
Here’s What It Means for SHEL Stock. This past June, Shell (NYSE:SHEL) CEO Wael Sawan warned that oil prices would likely continue to rise long after the current conflict with Iran ends. He believed it would take “close to a year, if not longer,” for the oil market to find balance again, with even greater challenges in the long term.
However, oil prices have been trending lower recently amid talks between Iran and Oman over a deal to reopen the Strait of Hormuz, which is critical to the global oil market. Here’s a look back at his warning, and whether the recent dip in crude prices suggests the long-term outlook for Shell and other oil stocks has changed. Image