# Exxon Mobil CEO Darren Woods predicted that crude oil and fuel prices will continue to surge higher in the weeks ahead.

*business · news · 2026-05-01 · NewsBreak*

## Key points

- Exxon and Chevron are not increasing spending or drilling despite the White House's calls for more output.
- Exxon predicts a prolonged surge in oil prices if the Strait of Hormuz remains blockaded.
- Chevron is cautious about investing further in Venezuela, awaiting more regulatory reforms.
- Exxon may re-enter Venezuela using expertise from Canadian oil sands operations.
- Exxon is aggressively expanding Permian Basin production, while Chevron is now focused on cash flow stability.

**Companies:** Exxon Mobil, Chevron
**Countries:** United States, Iran, Saudi Arabia, Qatar, United Arab Emirates, Israel, Venezuela

[Read the full story on NewsBreak](https://www.newsbreak.com/fortune-561435/4625403558398-exxon-mobil-ceo-sees-more-to-come-on-price-spikes-from-iran-war-as-exxon-chevron-beat-on-earnings-despite-plunging-profits)

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