ExxonMobil CEO Darren Woods warned that while oil production in the Middle East could resume quickly once the Strait of Hormuz reopens, recovery of damaged Qatar LNG trains will take longer, potentially keeping WTI crude prices elevated.
The comments come amid the ongoing Iran-Israel conflict, which has partially closed the Strait-a chokepoint for about 20% of global oil shipments. Market pricing for May 2026 WTI futures reflects expectations of sustained supply constraints.
Meanwhile, the U.S. S&P Manufacturing PMI rose to 54.5 in April, signaling domestic demand remains resilient despite the geopolitical risks. Analysts are watching for developments on Strait reopening, OPEC+ meetings, and U.S.-Iran negotiations.