Shell CEO Wael Sawan warned that the Strait of Hormuz blockade could disrupt global oil supply well into 2027. This comes as Shell revealed its $13.6 billion acquisition of Canadian shale producer ARC Resources. Sawan stated that the world has been using its emergency reserves to cover a production gap that isn't closing. He warned that supply-demand balances are likely to remain tight for several months or longer. Shell's Q1 2026 operational update highlighted the extent of the disruption, with integrated gas production expected to range between 880,000 and 920,000 barrels of oil equivalent per day, down from 948,000 in Q4 2025 due to the impact of the Middle East conflict on Qatari volumes. Goldman Sachs' March 2026 U.S. inflation playbook estimated that spot oil prices would rise from $71 per barrel to $103 in March, while base case sees Brent crude easing towards $80 per barrel by the fourth quarter of 2026.