Story perspectives

Iran Hormuz Blockade Cuts Billion Barrels, CEOs Urge Energy Security

5/10/2026

Summary

Story summary

Iran's war and Hormuz blockade cut a billion barrels of oil.
SLB CEO Olivier Le Peuch and Baker Hughes CEO Lorenzo Simonelli urged governments to prioritize energy security and boost upstream investment.
SLB revenue fell to $2.69 billion and net income to $752 million, Baker Hughes net income rose 12% to $573 million but warned of missing guidance.
Rystad Energy estimates repairs could total $58 billion, keeping oil prices as the market shifts to deficit.

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Story summary

Iran's war and Hormuz blockade cut a billion barrels of oil.
SLB CEO Olivier Le Peuch and Baker Hughes CEO Lorenzo Simonelli urged governments to prioritize energy security and boost upstream investment.
SLB revenue fell to $2.69 billion and net income to $752 million, Baker Hughes net income rose 12% to $573 million but warned of missing guidance.
Rystad Energy estimates repairs could total $58 billion, keeping oil prices as the market shifts to deficit.