Federal Reserve Bank of Dallas survey of 120 oil and gas firms indicates that executives expect disruptions in the Strait of Hormuz to persist for months and remain a recurring risk, with shipping costs likely to stay elevated and U.S. production gains modest. The survey, part of the Dallas Fed Energy Survey, reflects a broader industry view that geopolitical uncertainty will continue to shape supply chains and operating costs. Only 20% of respondents foresee normalization by May, while 39% project recovery only by August and others by late 2026 or beyond. Nearly half—48%—label future disruptions as very likely within the next five years, with an additional 38% considering them somewhat likely. Shipping costs from the Persian Gulf are expected to remain $2 to $4 per barrel after the conflict. On the supply side, executives anticipate U.S. production could rise up to 250,000 barrels per day by 2026, with slightly stronger growth projected for 2027. Despite the near‑term disruptions, most firms expect Gulf production losses to recover, with roughly two‑thirds anticipating at least 90% of shut‑in volumes returning to the market. Workforce expectations remain steady, and oilfield services companies may see modest hiring increases. The survey underscores a cautious but resilient outlook amid ongoing geopolitical uncertainty.