'Brent will shoot up': US energy executives warn of massive oil supply crunch

'Brent will shoot up': US energy executives warn of massive oil supply crunch Submitted by Sean Mathews on Thu, 05/28/2026 - 21:31 Energy executives say the world is weeks away from oil hitting $150 per barrel, with government and private industry reserves depleted Iranians drive past a billboard featuring US President Donald Trump and the Strait of Hormuz, erected in Valiasr Square in Tehran, Iran, on 28 May 2026 (AFP) Off Executives from the largest US energy companies warned on Thursday that oil prices are likely to spike this summer, as the buffers the US and other western countries used to mitigate the impact of the closure of the Strait of Hormuz run dry. “We're approaching unheard of inventory levels. I mean, really, really low levels.