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ExxonMobil CEO sees chance of higher oil prices as earnings dip

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ExxonMobil Chairman and CEO Darren Woods said oil supplies have been buttressed by commercial inventories and releases of government stockpiles -- but that oil prices could go higher if the Strait of Hormuz stays closed

ExxonMobil Chairman and CEO Darren Woods said oil supplies have been buttressed by commercial inventories and releases of government stockpiles -- but that oil prices could go higher if the Strait of Hormuz stays closed

US oil giants reported lower earnings Friday with accounting effects muting the benefits of the Middle East oil shock, as ExxonMobil's CEO cautioned that crude prices could still increase.

Oil prices jumped during the quarter from the mid-$60s in early February to more than $100 a barrel at times in March as Iran's almost complete shutdown of the Strait of Hormuz roiled global markets.

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