Why 3 Energy CEOs Say Brent Crude Oil Price Could Hit $150 in Weeks
Brent crude (BRENT) price is trading near $94 after rebounding off the lower edge of a rising channel, defying a roughly 20% drop that traders pinned on Iran ceasefire hopes.
The bounce lands exactly as three of the world’s top oil executives warn that the physical market is days away from a supply squeeze that could send Brent toward $150.
Crude Holds Its Channel as Inventories Drain
Brent fell about 20% from its May high as traders priced an end to the Strait of Hormuz disruption. Yet the Brent crude oil price held the lower trendline of the rising channel it has tracked since early March, a structure where price climbs between two upward-sloping parallel lines.
That defense matters because price also reclaimed the 100-day exponential moving average (EMA), a trend line that weights recent prices more heavily, signaling the uptrend remains intact despite the selloff.
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The physical backdrop explains the resilience. ExxonMobil senior vice president Neil Chapman told a Bernstein conference that markets sit weeks away from rarely seen inventory levels, projecting Brent could spike to $150 or $160 per barrel. According to the IEA, observed global inventories fell by roughly 246 million barrels across March and April.
To extend the rebound, Brent must reclaim its 20-day EMA near $99. When it last cleared that line on May 11, the price rose 9%. A reclaim on April 21 preceded a 17% surge. With buffers thinning, the question is whether positioning confirms the bullish case.
However, a bearish trigger also looms. The 20-day EMA is closing in on the 50-day EMA. If it crosses the 50-day EMA, a bearish crossover, the immediate oil price outlook might turn weak.
Brent Crude Positioning Turns Bullish as Puts Get Flushed
Options traders appear to agree with the executives and disagree with the crossover risk. The put-call ratio on the United States Brent Oil Fund, a measure comparing bearish put bets against bullish call bets, has collapsed since late May.
The volume ratio fell from 0.20 on May 22 to about 0.08, while the open interest ratio eased from 0.16 to roughly 0.14. A falling ratio paired with the price rebound suggests bearish bets were liquidated rather than rolled, leaving positioning heavily skewed bullish.
That flush aligns with Chevron CEO Mike Wirth, who argued the physical market does not care about negotiations.
CHEVRON CEO: PHYSICAL OIL SHORTAGES HAVE BEGUN AND PRICES WILL FOLLOWChevron CEO Mike Wirth just delivered a blunt assessment that cuts through the market noise. Traders keep crude pinned between 90 and 100 dollars because they believe the Strait of Hormuz crisis is almost… pic.twitter.com/2ajv00VgCz
— Mark (@Mark4XX) May 30, 2026
He warned that crude and product inventories are drawing down worldwide, with June and July as the critical months. Wirth pointed to US distillate inventories at their lowest since 2003 and said some Asian markets have already seen rationing.
With the options flow leaning bullish, the price chart sets the targets.
Brent Crude Oil Price Levels Point Toward the $150 Zone
The setup carries a hidden signal. Between March 10 and May 29, Brent printed a higher low while the relative strength index (RSI), a momentum gauge measuring the speed of price moves on a zero to 100 scale, printed a lower low. That hidden bullish divergence often precedes a rebound, and the last such signal from March drove a roughly 33% rally.
Measured from the April 17 swing, the levels are clear. Brent must first clear $96, then a break above $101 puts it above all key moving averages. A repeat 33% move would lift the price toward the 1.0 Fibonacci extension at $119, a level that marks where the prior advance fully projects forward.
Beyond $119, the cycle high opens, with the 1.618 extension at $137 and the 2.618 at $167 in view. The $150 zone flagged by Exxon sits between them.
The caveat is real. A bearish crossover still looms, and failure to reclaim $99 keeps price boxed near the channel floor. ADNOC (Abu Dhabi National Oil Company) CEO Sultan al-Jaber warned that full Hormuz flows may not return before 2027. This means a signed deal would not quickly restore supply.
For now, $101 separates a grind back toward $119 and the $150 zone from a slide back to the channel’s lower trendline.
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