ConocoPhillips Chair: Oil Price Floor Has Risen to $70 a Barrel
π’οΈ MARKETS β A named floor below $100 while Brent trades well above it. π LOOK CLOSER: ConocoPhillips' $70 structural floor reflects upstream capital repricing β producers won't invest below that, regardless of Hormuz. With Brent above $100, the war premium exceeds $30 and executives expect it to persist. That kills Europe's post-ceasefire price recovery assumption: the supply-cost floor moved up before the crisis, and won't move back down when it ends.
