Energy giants Baker Hughes, Woodside shy away from making oil forecasts as Iran-Israel conflict escalates
The CEOs of two major energy companies are monitoring the developments between Iran and Israel — but they aren't about to make firm predictions on oil prices.
Both countries traded strikes over the weekend, after Israel targeted nuclear and military facilities in Iran on Friday, killing some of its top nuclear scientists and military commanders.
Speaking at the Energy Asia conference in Kuala Lumpur on Monday, Lorenzo Simonelli, president and CEO of energy technology company Baker Hughes, told CNBC's "Squawk Box Asia" that "my experience has been, never try and predict what the price of oil is going to be, because there's one sure thing: You're going to be wrong."
Simonelli said the last 96 hours "have been very fluid," and expressed hope that there would be a de-escalation in tensions in the region.
"As we go forward, we'll obviously monitor the situation like everybody else is. It is moving very quickly, and we're going to anticipate the aspect of what's next," he added, saying that the company will take a wait-and-see approach for its projects.
At the same conference, Meg O'Neill, CEO of Australian oil and gas giant Woodside Energy, likewise told CNBC that the company is monitoring the impact of the conflict on markets around the world.
She highlighted that forward prices were already experiencing "very significant" effects in light of the events of the past four days.
If supplies through the Strait of Hormuz are affected, "that would have even more significant effects on prices, as customers around the world would be scrambling to meet their own energy needs," she added.
As of Sunday, the Strait remained open, according to an advisory from the Joint Maritime Information Center. It said, "There remains a media narrative on a potential blockade of the [Strait of Hormuz]. JMIC has no confirmed information pointing towards a blockade or closure, but will follow the situation closely."
Iran was reportedly considering closing the Strait of Hormuz in response to the attacks.
O'Neill said that oil and gas prices are closely linked to geopolitics, citing as examples events that date back to World War II and the oil crisis in the 1970s.
Nevertheless, she would not make a firm prediction on the price of oil, saying, "there's many things we can forecast. The price of oil in five years is not something I would I would try to put a bet on."
The Strait of Hormuz is a vital waterway between Iran and the United Arab Emirates. About 20% of the world's oil passes through it.
It is the only sea route from the Persian Gulf to the open ocean, and the U.S. Energy Information Administration has described it as the "world's most important oil transit chokepoint."
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VANCOUVER, British Columbia, June 16, 2025 (GLOBE NEWSWIRE) -- Inflection Resources Ltd. (CSE: AUCU / OTCQB: AUCUF / FSE: 5VJ) (the "Company" or "Inflection") is pleased to announce it has entered into definitive agreement dated June 13, 2025 to acquire an 100% interest in a portfolio of Australian copper-gold exploration projects in New South Wales and the Northern Territory from subsidiaries of Newmont Corporation ('Newmont'). Summary Highlights: Inflection shall acquire an 100% interest in a large portfolio of projects from Newmont which the Company considers highly prospective for copper-gold in the Northern Territory and New South Wales. The Tennant East project located in Australia's Northern Territory comprises twelve exploration licenses covering a number of Iron Oxide Copper Gold (IOCG) targets which have received minimal exploration work to-date. The Bell River project is located in the Macquarie Arc in central New South Wales. The Company considers the project to be highly prospective for copper-gold porphyries, with the presence of outcropping lithocaps interpreted to represent the upper parts of preserved porphyry systems. Alistair Waddell, Inflection's President and CEO, states: 'We are pleased to announce the acquisition of this high-potential project portfolio, which represents the culmination of an extensive evaluation process. The Tennant East and Bell River projects meet our rigorous selection criteria, particularly regarding the scale and quality of individual exploration targets and concepts. These new projects complement our existing New South Wales portfolio and will be explored in parallel with our current AngloGold Ashanti-funded exploration program. We look forward to applying our systematic, systems-thinking exploration approach to unlock the potential of these projects once the transaction is completed." Bell River Project – New South Wales: Individual prospects with significant zones of advanced argillic alteration interpreted by Inflection to represent possible porphyry lithocaps Adjacent outcropping zones of quartz-pyrite-chalcopyrite cemented breccias Aeromagnetic lows coincident with high-level alteration Little to no drill testing of several geochemical anomalies and zones of high-temperature hydrothermal alteration The Bell River tenement (~115 km²) is located approximately 65 km north of Newmont's Cadia mine and 23 km south of the town of Wellington, New South Wales within the Molong Belt of the Macquarie Arc (Figure 1). The Macquarie Arc is the most fertile porphyry copper-gold terrane in Australia, comprising the Junee-Narromine Volcanic Belt which hosts Evolution Mining's Northparkes and Cowal mines and the Molong Volcanic Belt which hosts the Bell River project and Newmont's Cadia mine. 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Figure 1: Location map and simplified geological map for the Bell River project Tennant East Project – Northern Territory: Newmont scout drilling defined Cu-Au-U-Mo geochemical footprints consistent with IOCG style mineralization Preliminary scout drill holes intersected: Hematite-magnetite-chlorite alteration facies typical of IOCG systems Vein and disseminated pyrite ±pyrrhotite ±chalcopyrite ±galena sulphide Broad zones of hematite-pyrite-silica breccias Thick sedimentary sequences and bimodal intrusions in the project are an equivalent age to other mineralized districts including the nearby Tennant Creek copper-gold deposits The Tennant East project is highly prospective for large-scale IOCG style mineralization. The project comprises twelve individual exploration licenses totalling approximately 4,200 km² located approximately 180 km east of the town of Tennant Creek in Australia's Northern Territory (Figure 2). 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Further information about NewQuest can be found at On behalf of the Board of Directors Alistair WaddellPresident and CEOalistair@ For further information, please contact: Brennan ZerbInvestor Relations Manager+1 (778) 867-5016bzerb@ Forward-Looking Statements: This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, amount of drilling, anticipated content, commencement and cost of exploration programs in respect of the Company's projects and mineral properties, the closing date of the property acquisitions and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company's exploration plans. the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's most recently filed annual MD&A and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR+ website at Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements, except as otherwise required by law. Photos accompanying this announcement are available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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