If the Strait of Hormuz doesn't open soon, as seems likely, there will be a massive economic crash

[LymphocyteLover]

33. Last week Exxon Mobil warned that oil inventories will fall to record low levels in coming weeks

forcing prices to spike and curbing demand.

“We’re approaching unheard of inventory levels,” said Exxon Senior Vice President Neil Chapman at a conference hosted by Bernstein in New York.

“I mean really, really low levels,” Chapman warned. “You can debate whether that’s going to hit, those really low levels, in two weeks or three weeks. Once you get to that point, then you’ll see price shoot up.”

The price of physical Brent oil cargoes will spike to $150 to $160 per barrel when inventories hit all-time lows in coming weeks, the executive said. “When the price gets to a certain level, demand destruction brings it back into balance,” he said."

Oil industry executives have warned for two months that the crude futures market is not reflecting the scale of the disruption triggered by the war in the Middle East.

https://www.cnbc.com/2026/05/28/oil-inventory-exxon-strait-hormuz-iran-war.html