Shell chief executive Wael Sawan told the WSJ Leadership Institute CEO Summit that oil and gas prices will likely continue climbing even after current geopolitical tensions ease. Sawan pointed to sustained global demand growth as the primary driver, suggesting the recent spike isn't just temporary conflict-driven volatility.

He indicated that prices of $60-$70 per barrel would maintain market stability, though upside pressure remains a long-term story spanning five to ten years. This outlook reflects structural demand trends rather than fleeting supply disruptions. The executive noted that growing demand and rising prices could push producers to pursue hydrocarbon resources currently deemed uneconomic to explore.

Sawan's comments contrast with expectations that energy markets might normalize once Middle East tensions subside. Instead, he sees a fundamental shift where higher prices become the baseline, forcing energy companies to reconsider marginal projects and investors to adjust long-term assumptions about energy costs and inflation.

The Shell boss emphasized that volatility itself has created opportunities for the oil major, suggesting the company is positioning for a persistently higher-price environment rather than waiting for a return to historical norms.