Exxon Mobil warned Thursday that oil inventories will fall to record low levels in coming weeks, potentially forcing Brent crude prices to spike to $150-$160 per barrel. The executive attributed the supply tightness to Iran's closure of the Strait of Hormuz, which has depleted strategic reserves despite a coordinated release of 400 million barrels by IEA member nations.
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Exxon Mobil warned Thursday that oil inventories will fall to record low levels in coming weeks, potentially forcing Brent crude prices to spike to $150-$160 per barrel. The executive attributed the supply tightness to Iran's closure of the Strait of Hormuz, which has depleted strategic reserves despite a coordinated release of 400 million barrels by IEA member nations.