WTI Crude Surpasses $100 Mark Amid Supply Shortage Warnings and Hormuz Crisis

West Texas Intermediate (WTI) crude oil prices have surged past the $100 per barrel milestone as the Strait of Hormuz crisis intensifies supply concerns. While major producers like Chevron and ConocoPhillips previously warned of critical shortages, the market now anticipates a significant production ramp-up from U.S. energy firms in response to the higher price environment. This shift comes as industry giants Exxon and Chevron balance shareholder payouts with the need for increased capital investment. Global refiners are still grappling with the disruption, maintaining daily processing cuts of 8 million barrels to offset falling shipments. Analysts expect the supply crunch to reach its peak between June and July as pre-blockade maritime buffers expire. Meanwhile, broader financial markets remain cautious, with the Dow Jones recently dipping 0.1% amid the ongoing energy volatility.