Exxon Mobil CEO expects higher oil prices due to Iran war: ‘The market hasn’t seen the full impact’

watch nowExxon Mobil CEO Darren Woods warned Friday that the market has not absorbed the full impact of the unprecedented oil supply disruption triggered by the Iran war and the closure of the Strait of Hormuz. The disruption has been mitigated by the large number of loaded oil tankers that were in transit during the first month of the war, Woods told investors on Exxon's first-quarter earnings call. Strategic petroleum reserves have also been released and commercial inventories drawn down, the CEO said.One of these supply sources will become exhausted as the conflict goes on, Woods said. Oil prices will then increase as the strait remains closed, he said. "It's obvious to most that if you look at the unprecedented disruption in the world supply of oil and natural gas, the market hasn't seen the full impact of that yet," Woods said. "There's more to come if the strait remains closed," the CEO said. Oil futures trading has been volatile during the war. Prices have soared on the risk of escalation and then plunged on hopes for peace before repeating the cycle. U.S. crude oil fell more than 3% Friday to $101.38 per barrel, while international benchmark Brent was down