Iran Conflict Drives Up Oil Prices, But Not for Occidental

OPEC member Occidental Petroleum reported lower realized oil prices in the first quarter of this year despite higher benchmark crude rates due to the ongoing conflict between the US and Israel over Iran.

The U.S.-Israel war on Iran has caused a massive disruption of energy supplies as the Strait of Hormuz, a key conduit for global energy flows, remains closed.

Brent crude prices averaged $89.62 per barrel during the first quarter, up from $75.16 during the same period last year, according to LSEG data.

Occidental's worldwide average realized oil price in the first quarter of 2026 was $69.91 per barrel, down 1.6% year-on-year.