Darren Woods, CEO of ExxonMobil, said on May 1 during the Q1 2026 earnings call that the Strait of Hormuz would likely reopen, but that oil flows would need one to two months to fully normalize. This critical waterway, roughly 21 miles wide at its narrowest point, has been closed since early April. Oil prices were swinging between $101 and $108 per barrel, and nearly 20% of global oil and LNG trade passes through it. A US-Iran memorandum announced in mid-June 2026 aims to reopen the strait and extend a ceasefire by 60 days. For Exxon, whose earnings are heavily dependent on oil prices, the de-escalation could compress upside even as the underlying business remains healthy.
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