Big Oil Bosses Warn Energy Is Moving Closer to Cliff’s Edge

America’s biggest oil companies are warning that global crude markets may be nearing an inflection point of higher prices the longer the Strait of Hormuz stays closed.

Every day the waterway remains shut, the world is using up commercial stockpiles, strategic reserves and crude that was stored in vessels before the US and Israel launched the Iran war, Exxon Mobil Corp., Chevron Corp. and ConocoPhillips said this week.