Oil prices could hit $160 soon as US fuel inventories hit historic lows amid Middle East supply issues.

Executives from Exxon and Chevron warn that oil prices may reach $160 due to historically low US crude and gasoline inventories, which have dropped 6% below the five-year average. This decline is driven by ongoing exports and increased summer demand, while Middle East production is down over 10 million barrels daily due to full storage and infrastructure damage. The situation could lead to fuel shortages in Asia and Europe, pushing prices even higher globally. Immediate resolution of Middle East conflicts is crucial to stabilizing supply and prices in the coming months.