Exxon Mobil has issued a stark warning that oil inventories are on the verge of reaching dangerously low levels, which could trigger a significant spike in prices. Neil Chapman, Exxon's senior vice president, highlighted at a conference in New York that the industry is approaching 'unheard of inventory levels.' He projected that Brent oil prices could soar to between $150 and $160 per barrel if these low inventory levels are reached in the next two to three weeks. This anticipated price increase comes amid the ongoing closure of the Strait of Hormuz by Iran, which has resulted in the largest oil supply disruption in history, costing the market over one billion barrels so far. The International Energy Agency (IEA) has reported that oil stockpiles are being depleted at a record pace, with member countries agreeing to release 400 million barrels to help mitigate the effects of the disruption. Chapman emphasized that once inventory levels reach their minimum, prices will inevitably rise, leading to demand destruction that could rebalance the market.