XOM · 10-Q · 2026Q2 · Full report

Crude Price & Geopolitics

ExxonMobil Holdings Corp · 2026-08-03 · Importance 17 · Surprise 24

Second-quarter market conditions were heavily influenced by supply disruptions in the Middle East and reductions in global refining capacity. Average crude oil prices remained within the 2010–2019 10-year historical range, supported by reduced refining capacity and inventory releases. Natural gas prices remained above the 10-year average amid ongoing supply disruptions, while global industry refining margins were sharply above the historical range.

Key facts