Nuclear firm X-Energy rises in market debut

Summary

CNBC's Pippa Stevens reports on X-Energy's IPO debut, which priced above its range and surged. The conversation shifts to oil market disruption in the Strait of Hormuz, with JPMorgan projecting higher prices due to demand destruction.

• X-Energy went public at $23 per share, above the targeted range of $16-19.
• The stock opened at $30 and later traded around $27, up 17.5%.
• Ken Griffin of Citadel invested $100 million personally in X-Energy.
• Discussion moves to the Strait of Hormuz crisis and its impact on oil supply.
• JPMorgan analysis says supply shortfall is so large only demand destruction can balance the market.
• Oil supply levers—spare capacity, inventory, emergency releases—are exhausted.
• Demand destruction is expected to come from the US and Europe, driving prices higher.
• US production is constrained, and an armada of tankers is headed to the US for oil.