Woodside Energy CEO Meg O’Neill told CNBC that oil prices have already jumped on Middle East tensions and warned that any disruption in the Strait of Hormuz could push them even higher.

The CEOs of Baker Hughes (BKR) and Australia-based Woodside Energy, two of the largest energy companies in the world, said they couldn’t make firm predictions on oil prices amid the rising conflict between Iran and Israel, but noted there is a chance that things could get worse.

In an interview with CNBC, Woodside Energy CEO Meg O’Neill said that forward prices had already reacted significantly to the violence in the Middle East and warned that any disruption in the Strait of Hormuz, through which roughly a fifth of the world’s oil supply flows, could drive prices even higher.

“If that supply route is affected, customers around the world would be scrambling to meet their own energy needs,” O’Neill said.

While emphasizing the historical link between energy prices and geopolitical events, O’Neill declined to make a firm projection, stating, “There are many things we can forecast. The price of oil in five years is not something I would try to put a bet on.”

Meanwhile, Baker Hughes CEO Lorenzo Simonelli stated that the company would continue to monitor geopolitical developments, but also emphasized the futility of trying to predict oil prices in such a fluid environment.

“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 told CNBC. “The last 96 hours have been very fluid,” he added, expressing hope that tensions in the region would ease.

Simonelli said Baker Hughes will take a “wait-and-see” approach on projects, noting the pace of developments has made planning difficult. “It is moving very quickly, and we’re going to anticipate the aspect of what’s next.”

Oil prices eased slightly on Monday after spiking as much as 13% on Friday. Brent crude fell 1.1% in pre-market trade to $72.11, while U.S. WTI futures dipped to $73.39.

The United States Oil Fund LP ETF (USO) was down nearly 1.9%, and the ProShare Ultra Bloomberg Crude Oil ETF (UCO) dipped 2.3% in early morning trading.

Baker Hughes’ stock was also down 1.2%. 

Iranian missiles struck Israel's Tel Aviv and the port city of Haifa on Monday, destroying homes and fuelling concerns among world leaders ahead of the G7 meeting.

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