Exxon Mobil CEO expects higher oil prices due to Iran war: ‘The market hasn’t seen the full impact’

exxon mobil ceo darren woods told investors friday the market hasn't fully priced in the oil supply disruption from the iran war and the strait of hormuz closure. he said one of the temporary buffers — loaded tankers in transit, strategic reserve releases, commercial inventory draws — will run out, and then prices will rise further. u.s. crude fell 3% friday to $101.38 a barrel. brent dropped 2% to $108. woods called those prices more consistent with the last decade than with the scale of the middle east disruption. exxon warned its middle east production would drop 750,000 barrels per day versus 2025 if the strait stays closed through q2. global refinery throughput would fall 3% from q4 2025. about 15% of exxon's total production has been hit. iranian attacks on qatar's lng hub damaged two production lines exxon owns a stake in — those lines made up about 3% of its 2025 upstream output. exxon shares were down about 1% friday. oil prices have surged roughly 57% since the war started, but exxon's stock is flat over the same period.