Amid the ongoing tensions between Israel and Iran, ExxonMobil's CEO says there's enough spare capacity to offset any Iranian oil that comes off the market.

Cargo movement through the Strait of Hormuz has marked a small decline, but there’s been no major disruption to key oil infrastructure so far, easing some of the worst fears about the ongoing conflict between Iran and Israel.

There are reports that a few shipping lines may be reassessing routes, particularly the choke point of the Strait of Hormuz, given the heightened threat in the region. This could further add to the transportation cost to and from the region.