<div id="readability-page-1">Why prices may spike: Executives say inventories are nearing levels where the oil system can't operate, risking a rapid surge to $160 per barrel. Conflict-driven shortages: The Strait of Hormuz closure has cut 20% of global supply, draining reserves and disrupting petrochemical and fuel markets worldwide. Economic risk ahead: Analysts warn a sustained spike could cause severe economic contraction, with Asia and Europe most vulnerable to stagflationary pressure.</div>

<p>Exxon and Chevron executives warn that oil prices could surge to $160 per barrel as global inventories near critical lows. This risk is exacerbated by the closure of the Strait of Hormuz, which has cut 20% of global supply. Analysts caution that such a spike could trigger severe economic contraction and stagflation, particularly impacting Asia and Europe.</p>

- Executives warn that declining inventories could lead to oil prices surging to $160 per barrel.  
- The closure of the Strait of Hormuz has reduced global supply by 20%, disrupting markets for petrochemicals and fuels.  
- Analysts indicate that a prolonged price spike may trigger significant economic contraction, particularly in Asia and Europe, which are at risk of stagflation.

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Exxon and Chevron warn oil could hit $160 as stocks near record lows