- Exxon and Chevron warn oil prices could spike soon as global inventories near “unheard of” lows — once reserves hit operational minimums, prices tend to shoot up.
- The U.S. has released about 50 million barrels from the Strategic Petroleum Reserve, pushing stocks to the lowest since April 2024; key hubs like Cushing, Okla., are near critical levels.
- With the Strait of Hormuz effectively closed and attacks on shipping continuing, analysts expect supply disruptions to push prices higher into June/July and possibly set a new, higher-price normal.
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