Oil executives warn energy sector nears “cliff’s edge” amid Hormuz crisis

WASHINGTON, May 02 (YPA) – Global oil executives have warned that the energy sector is approaching a critical “cliff’s edge,” as the ongoing crisis in the Strait of Hormuz pushes international markets toward potentially unprecedented price surges.

According to Bloomberg, senior figures in the US oil industry warned that any closure of the strategic waterway would pose a direct threat to supply stability—especially as global reserves and oil stored on tankers near depletion levels.

In a related development, the Chief Financial Officer of Chevron stated that a significant portion of global stockpiles and spare production capacity has already been exhausted, leaving the market with an extremely limited safety margin.

On the geopolitical front, the United States Department of State announced approval of a new arms deal with United Arab Emirates valued at $147.6 million.

The package includes the Advanced Precision Kill Weapon System (APKWS) along with supporting equipment, reflecting Washington’s efforts to reinforce its military presence in the region amid escalating tensions over key maritime routes.

@E.Y.M