Fuel Prices Set to Remain High Amid Ongoing Iran War Disruptions
Top U.S. oil producers ExxonMobil and Chevron are warning of continued high fuel prices due to ongoing disruptions in global energy supplies caused by the Iran war.
In their second-quarter earnings reports, both companies highlighted the challenges they face in meeting demand for diesel and other refined products.
Chevron CEO Mike Wirth said that 'we're going to see some upward pressure on product pricing ... into the third quarter and perhaps beyond that,' as demand for distillates including diesel and heating oil is unlikely to decline over the long term.
ExxonMobil's U.S. refineries ran at high capacity, producing a record amount of diesel in the second quarter, but the company's CEO Darren Woods emphasized the need for shipping to resume through the Strait of Hormuz to supply more crude to the market.