Exxon Mobil (XOM) says if the Strait of Hormuz were to open on May 1st, an additional 350k BOE should be added to quarterly production estimate

The announcement from Exxon Mobil regarding a potential increase of 350k barrels of oil equivalent (BOE) to their quarterly production estimate, contingent on the Strait of Hormuz opening, underscores the critical nature of this chokepoint for global oil supply.

Newsquawk StaffPublished 1 May 2026, 11:14 UTCOn the live feed at 10:54 UTC — 3 more headlines followed before this page went public

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11:01

BoE MPS (Apr): end-2026 Bank Rate seen at 3.75% (3.25% in Feb. survey)

11:00

Pentagon to expand Nvidia (NVDA) and Microsoft (MSFT) AI use in secret networks, Bloomberg reports; Defense department also strikes deal with AWS (AMZN) and Reflection AI; entered agreements with SpaceX, OpenAI, Google (GOOG)

10:54

Exxon Mobil (XOM) says if the Strait of Hormuz were to open on May 1st, an additional 350k BOE should be added to quarterly production estimate

10:49

ECB's Makhlouf says without a clear timeline for the Middle East conflict, he is concerned about a higher-for-longer energy price scenario

10:46

UK FCA acknowledges the legal challenges to the motor financing scheme. Further advice to be provided next week.

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Context

If this scenario unfolds, it could ease some supply constraints and impact oil prices, particularly WTI, which traders should monitor closely alongside broader market sentiment in the energy sector.

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