Exxon Mobil CEO Darren Woods has warned that the oil market has not fully comprehended the unprecedented oil supply disruption caused 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 being in transit during the war, and strategic petroleum reserves have been released and commercial inventories drawn down. As the conflict continues, oil prices will increase as the strait remains closed, according to Woods. He expects oil flows from the Persian Gulf to normalize in a month or two after the straits reopens.