ConocoPhillips Sees ‘Critical Shortages’ of Oil on Horizon

ConocoPhillips is warning of imminent “critical shortages” of oil for some nations as the Iran war that has crippled global energy flows enters its third month.

The supply pinch that already has driven international crude prices up more than 50% in just nine weeks appears likely to significantly worsen as soon as June, Chief Financial Officer Andy O’Brien told analysts during a conference call Thursday.

“The biggest challenge we’re about to face is that the markets sort of had a bit of a grace period initially when the tankers that left the Persian Gulf in late February were still on ...