Exxon Mobil CEO sees ‘more to come’ on price spikes from Iran war as Exxon, Chevron beat on earnings despite plunging profits

Exxon Mobil CEO Darren Woods predicted that crude oil and fuel prices will continue to surge higher in the weeks ahead if the Strait of Hormuz remains blockaded. Both Exxon and Chevron are projecting big profit gains in the ongoing second quarter because of higher prices, even with some of their Middle Eastern operations remaining disrupted.

Exxon and Chevron reported first-quarter profits on Friday that beat market expectations, but they both saw their net incomes dip precipitously...