Exxon and Chevron Are Warning That Oil Prices Could Skyrocket in the Coming Weeks. Here's What That Could Mean for Investors.

Oil prices have cooled off over the past couple of weeks due to optimism that the U.S. and Iran are close to a peace deal that would reopen the Strait of Hormuz. Brent oil, the global benchmark price, was recently around $90 a barrel, down from over $110 a barrel in mid-May. While Brent is still up more than 50% on the year, it had almost doubled at one point. The current respite might not last. Executives of ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX) recently warned that oil prices could skyrocket over the next two months as oil stockpiles continue draining. Here's what that could mean for investors. Image source: The Motley Fool.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool