Chevron and Exxon Mobil are among the Western oil giants reaping windfall profits from soaring energy prices driven by the Iran conflict, yet executives fear a price collapse if hostilities end. The war, which began February 28th with U.S. and Israeli strikes, has disrupted Persian Gulf production, forcing QatarEnergy to forecast $20 billion in annual losses from damaged infrastructure. While West Texas producers like Beryl Oil and Gas see fatter checks per barrel, uncertainty about sustained high prices is delaying new drilling investments. Liberty Energy CEO Ron Gusek warns the economic "realities of our world get very, very challenged again" as energy giants grapple with tight physical supply chains versus volatile futures markets at CERAWeek.

The path to replacing lost Gulf production remains unclear, with analysts noting U.S. output gains would only partially offset Middle East losses without prolonged price stability.