Neil Chapman, senior vice president at ExxonMobil, stated at the Bernstein 42nd Annual Strategic Decisions Conference that global oil inventories are depleting at a record pace and could reach critical lows within two to three weeks, potentially driving prices to $150–$160 per barrel. The remarks reference U.S. strikes that began February 28 and the effective closure of the Strait of Hormuz. All claims originate from a single reported source.