<div id="readability-page-1">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.</div>

<p>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.</p>

- Chevron and Exxon executives warn that oil buffers are nearly exhausted, increasing the likelihood of a price spike in June and July.  
- Brent and WTI crude prices experienced their largest weekly decline in two months due to rising optimism over a U.S.-Iran ceasefire extension.  
- Despite diplomatic efforts, oil flows through the Strait of Hormuz remain well below normal, with inventories at multi-year lows, maintaining market tension.

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Chevron and Exxon warn of oil price surge despite ceasefire hopes