Exxon Mobil and Chevron have warned of sustained high fuel prices due to the Iran conflict. Geopolitical tensions have pushed Brent crude prices to approximately $120 per barrel. The Strait of Hormuz, a strategic route for global energy trade, is experiencing disruptions affecting up to 20% of worldwide crude oil and natural gas supply. Market participants anticipate a moderate probability of crude reaching new all-time highs by year-end.
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