<div id="readability-page-1">06:29 PM EDT, 05/01/2026 (MT Newswires) -- Exxon Mobil ( XOM ) , Chevron ( CVX ) and ConocoPhillips ( COP ) have warned that global energy markets may face further price increases as supply buffers are rapidly being depleted amid the ongoing Strait of Hormuz disruption, Bloomberg reported on Friday.Executives said inventories, strategic reserves and floating storage have helped cushion prices so far, but those supplies are now running low, reducing the market's ability to absorb prolonged supply shocks.Chevron's ( CVX ) CFO told Bloomberg that much of the spare capacity has already been used, leaving limited leeway if the disruption continues, while Exxon's CEO warned markets have yet to fully reflect the scale of the supply hit.With roughly a fifth of global oil and LNG flows typically passing through the strait, companies indicated that a prolonged closure could push crude prices significantly higher. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</div>

Exxon Mobil, Chevron, and ConocoPhillips have cautioned that ongoing disruptions in the Strait of Hormuz could lead to further increases in global energy prices. As supply buffers, including inventories and strategic reserves, are depleting, the market's capacity to handle prolonged supply shocks is diminishing. Chevron's CFO noted that spare capacity is limited, while Exxon's CEO indicated that the market has not yet fully accounted for the supply impact. A prolonged closure of the strait, through which a significant portion of global oil and LNG flows, could result in substantial price hikes.

- Exxon Mobil, Chevron, and ConocoPhillips have alerted that global energy markets might experience further price hikes due to dwindling supply reserves amid disruptions in the Strait of Hormuz.  
- Executives noted that while inventories and strategic reserves have mitigated price impacts, they are depleting, limiting the market's capacity to handle extended supply shocks.  
- The closure of the strait, through which about 20% of global oil and LNG flows transit, could lead to substantially higher crude prices.

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Big Oil Warns of Further Price Surge as Hormuz Disruption Drains Buffers