ExxonMobil warns oil prices could spike to $160/barrel amid low inventories and geopolitical tensions.

ExxonMobil's Senior Vice President Neil Chapman warned that crude oil prices could surge to $150-$160 per barrel soon due to critically low inventory levels, despite recent price drops linked to U.S.-Iran peace talks. The company highlighted that strategic petroleum reserve releases have temporarily kept prices lower, but these reserves are depleting. This warning coincides with ExxonMobil's move of its legal headquarters from New Jersey to Texas, citing Texas' favorable regulatory environment and alignment with the company's operational base. The potential price spike reflects ongoing geopolitical tensions and shrinking commercial crude inventories, which could impact energy markets and inflation data soon.