Overview
- Brent crude is trading above $110 after supply snarls tied to the Iran conflict kept flows through the Strait of Hormuz constrained.
- Chevron says output is climbing from the Hess deal, with gains in Guyana, the Bakken and the Gulf of Mexico, and it targets 7% to 10% growth in 2026.
- First-quarter profit fell despite higher prices and volumes because of timing mismatches on derivatives tied to undelivered products.
- The company says it can fund spending and its dividend at oil below $50 a barrel through 2030, and it estimates each $1 rise in Brent adds about $600 million to yearly cash flow.
- JPMorgan warns of a near-term Brent spike to $120 to $150 if Hormuz stays shut, while Goldman now expects about $90 in the fourth quarter if flows recover by late June.