Core Viewpoint - The ongoing conflict between Iran and Israel is causing significant volatility in oil prices, with energy company CEOs expressing caution in making predictions about future price movements [2][3][7]. Group 1: Company Responses - Lorenzo Simonelli, CEO of Baker Hughes, emphasized the unpredictability of oil prices, stating that attempts to forecast them are likely to be incorrect [2]. - Meg O'Neill, CEO of Woodside Energy, noted that the company is closely monitoring the conflict's impact on global markets and highlighted the significant effects on forward prices due to recent events [3][4]. - Both CEOs indicated a wait-and-see approach regarding their projects, reflecting the fluid nature of the situation [3]. Group 2: Geopolitical Context - The Strait of Hormuz, a critical waterway for global oil transit, remains open as of the latest reports, although there are concerns about potential Iranian actions to close it in response to the conflict [5][8]. - Approximately 20% of the world's oil passes through the Strait of Hormuz, underscoring its importance in the global energy supply chain [7][8]. - Historical precedents were cited by O'Neill, linking oil prices to geopolitical events, including World War II and the 1970s oil crisis [7].