---
title: "Chevron and Exxon warn of oil price surge despite ceasefire hopes"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/288169777.md"
description: "Chevron and Exxon executives warn that oil buffers are nearly exhausted, raising the risk of a sharp price surge in June and July. Despite growing optimism over a potential U.S.-Iran ceasefire extension causing recent price dips, supply risks persist due to low Strait of Hormuz flows and multi-year low inventories."
datetime: "2026-05-31T10:33:06.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/288169777.md)
  - [en](https://longbridge.com/en/news/288169777.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/288169777.md)
---

# Chevron and Exxon warn of oil price surge despite ceasefire hopes

CEO warnings escalate: Chevron and Exxon executives say oil buffers are nearly exhausted, raising the risk of a sharp price jump in June and July. Ceasefire optimism grows: Brent and WTI crude prices saw their steepest weekly fall in two months as reports suggested progress toward a U.S.-Iran ceasefire extension. Supply risk remains: Despite diplomatic moves, Strait of Hormuz flows are still far below normal, and inventories are at multi-year lows, keeping markets on edge.

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