Exxonmobil CEO is discussing potential show concerns due to Israel’s conflict

Executive Chairman of Exxonmobil Darren Woods He said that there is sufficient supplies in the global oil market to bear any disruption in the supply of Iranian exports.

“There is enough reserve capacity in the system today to accommodate any Iranian oil that starts from the market,” Woods told Fox News Braier.

Woods was referring to how the market is more concerned about the ongoing conflict between Israel and Iran disrupts the Strait of Hormuz, which is located between Oman and Iran, and is considered the most important point in the world, according to what it said. Energy Information Management (EIA).

The high oil prices after Israel strikes on Iran

Iran produces 3.3 million barrels per day of crude oil and exports about 1.6 million barrels per day of crude oil, which represents less than 2 % of the total global demand, according to Andy Leipo, head of the consulting company for Lipow Oil Associas.

It is also a small part of the oil that flows across the hormonal strait. In 2024, the average oil that flowed through the waterway, which connects the Persian Gulf with the Gulf of Oman and the Arabian Sea, reached 20 million barrels per day, equivalent to about 20 % of global petroleum fluid consumption. To complicate things, there are also very few alternative options to transport the oil from the strait if closed.

Oil prices rose on Friday, when the market launched after the Israeli Defense Forces (IDF) launched a comprehensive blow to Iranian nuclear facilities and military leaders. The prices of the West, the West Texas, the intermediary, reached $ 72 a barrel, as the strikes raised concerns in Wall Street Rising tensions Between Israel and Iran can disrupt Iranian energy supplies.

Trump administration to open 13 million acres in Alaska to mining, potholes

However, prices began to cool as the export capacity has survived the attacks.

“I think he intentionally, for not disrupting oil supplies,” Woods said.

The loss of Iranian oil to the market may raise prices by up to $ 7.50 a barrel, but if oil exports are affected by a hormone strait, prices may rise to $ 100, according to Lipow.

He added that the reprisals of Iran that could have the greatest impact on prices are oil tankers heading to the United States through the Strait of Hormuz.

index	protection	last	Changing	% Change
Xom	Exxon Mobil.	114.00	+1.52	+1.35 %

Levo said that the Israeli missiles struck the Iranian Char Ri Refinery near Tehran, which has a capacity of 225,000 barrels per day, and Shahran’s fuel depot near Tehran.

Get Fox Business on the Go by clicking here

In total, Iran has 11 refineries with 2.5 million barrels per day of oil refining capacity.

Iranian missiles struck the Haifa Refinery, which is valued at 197,000 barrels per day. Israel has two refineries with 300,000 barrels combined per day from refining capacity.