Shell CEO Warns of Elevated Security Risks as Brent Crude Falls to $91
SHEL•Brent crude slipped to near $91 a barrel after US forces struck Iranian air defenses near the Strait of Hormuz, even as US crude inventories fell by 9.1 million barrels. Shell CEO Wael Sawan warned geopolitical tensions and a cruise missile strike on a Qatar facility elevated security risks.
1. Oil Market Response and Inventory Draw
Brent crude slipped as much as 2% to trade near $91 a barrel after US forces carried out precision strikes on Iranian air defense sites near the Strait of Hormuz. US crude inventories fell by 9.1 million barrels last week, marking the largest weekly draw since September and reflecting record American exports, while physical markets remain well supplied.
2. CEO Sawan Highlights Security Challenges
Speaking in London at an industry summit, Shell CEO Wael Sawan said security and geopolitics now comprise a significant portion of his role, citing a recent cruise missile strike on a Shell facility in Qatar. He emphasized prioritizing personnel safety and bolstering defenses as operational costs rise amid global conflicts in Ukraine and the Middle East.
