The 'Big Money Show' panelists discuss the US and Iran reaching an agreement to extend the ceasefire, the situation in the Strait of Hormuz and the impact on markets.
ExxonMobil Senior Vice President Neil Chapman issued a stark warning to the public that electricity prices could skyrocket in the coming weeks on the same day his company's board approved moving the company's headquarters from New Jersey to Texas.
Speaking at the Bernstein conference in New York on Thursday, Chapman warned that crude oil prices could rise to $160 per barrel in the coming weeks as inventory depletion finally eases.
“We are approaching unprecedented levels of inventory,” he said. “I mean, the levels are really low. You could argue that it's going to get to those really low levels in two weeks or three weeks. Once you get to that point, you're going to see prices go up.”
Prices remain low, Chapman said, due to the release of strategic fuel reserves by various countries.
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“The commercial beginnings of crude oil, of liquids, think of gasoline, gasoline, diesel, jet fuel, have all decreased. And the decrease in those goods has slowed down or slowed down, added to the release of strategic petroleum reserves, which many Western countries have done. All that has reduced the impact.”
ExxonMobil Senior Vice President Neil Chapman gestures during the APEC CEO Summit in Port Moresby on Nov. 16, 2018, which is part of the Asia-Pacific Economic Cooperation (APEC) Summit. (FAZRY ISMAIL/AFP via Getty Images/Getty Images)
He then warned that Brent today, the main benchmark for crude oil prices on the global market, “will go up… to $150, $160.”
“And I think being green in this $90 to $110 range for the last whatever it is, six weeks, has really been reduced by the commodity price reduction. It's not going to last forever.”
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Crude oil fell from a monthly average of $117 in April to around $103 in May, falling sharply in recent days on news of progress on a peace deal between the US and Iran.
A view of a residential area affected during the United States-Israel military operation in the city of Karaj in Alborz province, a few kilometers west of Tehran, Iran, on April 3, 2026. The area was hit on March 9. (Morteza Nikoubazl/NurPhoto via Getty Images/Getty Images)
However, it is still much higher than it was before the US and Israel launched a bombing campaign against Iran in late February, when it hovered around $75 a barrel, according to S&P Global.
Chapman delivered his message on the same day Exxon shareholders approved a plan to move the company's official home from New Jersey to Texas.
An Exxon gas station in Albany, California, on Thursday, May 1, 2025. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
Speaking of Texas' tough regulatory environment, ExxonMobil CEO Darren Woods said the situation suits the company in a statement.
“Aligning our legal home with our working home, in a context that understands our business and contributes to the company's success, is essential.”
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 145.26 | -1.70 |
-1.16% |
ExxonMobil already moved its headquarters to Texas in 1989 and all of its business leadership work from the Lone Star state already. The company said 75% of its US workforce already works in Texas.
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Exxon first announced plans for the move in March.
