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Iran War Disruptions Send Global Fuel Prices Soaring
Top US oil producers Exxon and Chevron warned of continued high fuel prices due to disruptions from the Iran war. The companies reported large jumps in second-quarter refining profits as declining fuel stockpiles combined with curtailed exports from China and refinery outages in Russia led to higher margins.
According to Chevron CEO Mike Wirth, 'we're going to see some upward pressure on product pricing ... into the third quarter and perhaps beyond that.'
The Iran war has caused major energy disruptions, leading to persistently high prices. The companies are doing everything they can to keep output high, but Exxon CEO Darren Woods said it is critical that shipping resumes through the Strait of Hormuz to supply more oil to the market.