Exxon: Oil market hasn’t priced in Iran-war disruption, Hormuz closure risk persists

Exxon Mobil CEO Darren Woods says the oil market has not fully priced in the disruption from the Iran conflict and the Strait of Hormuz closure, with buffers like tankers in transit, strategic reserves, and inventory drawdowns delaying price moves. He expects Persian Gulf flows to normalize within a month or two after the strait reopens, but prices could rise if the strait remains closed. Exxon projects a ~750,000 bpd hit to Middle East production if closures persist into Q2 2025, and about 15% of its total output is affected; Iranian attacks on LNG lines also weigh on upstream production. The stock edged lower while oil prices have surged since the war began.