<div id="readability-page-1">Summary and Key Points: The closure of the Strait of Hormuz has removed roughly a billion barrels of oil from the market, triggering the worst supply shock since the 1970s OPEC embargoes. -Exxon Mobil warns that Brent crude — about $92 a barrel now — could spike to $160 within weeks as global inventories near […]</div>

<p>The closure of the Strait of Hormuz has removed approximately one billion barrels from the market, causing the worst oil supply shock since the 1970s. Exxon Mobil warns that Brent crude prices, currently around $92 per barrel, could surge to $160 within weeks as global inventories dwindle.</p>

- The closure of the Strait of Hormuz has led to the removal of approximately one billion barrels of oil from the market.  
- This event has resulted in the worst supply shock since the 1970s OPEC embargoes.  
- Exxon Mobil projects that Brent crude prices, currently around $92 a barrel, could rise to $160 in the near future as global inventories decrease.

Exxon Mobil

Occidental Petroleum

Direxion Daily Energy Bull 2X

iShares US Oil Equip & Svcs

ProShares UltraShort Energy

iShares US Oil & Gas Expl & Prod

SPDR O&G Equip

Direxion Daily XOM Bull 2X Shares

GLOBAL X MLP & Energy Infra

ISHRS S&P Glb Engy

VG Energy

Direxion Daily XOM Bear 1X Shares

United States Oil Fund LP

Direxion Daily Energy Bear 2X

VanEck Oil Services ETF

Pro Ultr Bloomberg Crude Oil

VanEck Oil Refiners ETF

Global X MLP

Us Brent Oil

Alerian MLP

SPDR Energy Select

SPDR O&G Ex & Prd

The worst oil shock since the 1970s has arrived — and Exxon warns $160 oil is weeks away