---
title: "The worst oil shock since the 1970s has arrived — and Exxon warns $160 oil is weeks away"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/288086689.md"
description: "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."
datetime: "2026-05-29T14:43:06.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/288086689.md)
  - [en](https://longbridge.com/en/news/288086689.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/288086689.md)
---

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

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 \[…\]

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