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ExxonMobil and Chevron expect a continued shortage of diesel and refined petroleum products in the second half of the year due to the fallout from the war with Iran and challenges in the refining sector, which could keep oil and product prices at elevated levels. Oil prices saw a significant increase during July, with Brent crude rising by approximately 21% to reach around $88 by the end of the month, amid fears of disruptions in oil supplies through the Strait of Hormuz that impacted the market. Despite their profits rising in the second quarter due to lower inventories, decreased Chinese exports, and outages at Russian refineries, executives warned that supply challenges, along with upcoming maintenance, could affect the refining market, with continued pressure on product prices such as diesel and gasoline reaching high levels.
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