Chevron CEO Mike Wirth expressed concern over Strait of Hormuz ship safety as US-Iran fire exchanges escalated Monday during US military escorts. The conflict, linked to Trump's plan to reopen the waterway, threatens a fragile ceasefire and has forced majors to cut Middle East output since late February. The closure imperils ~1 billion barrels of oil cargoes, pushing crude prices up nearly 60% in nine weeks. Wirth warned depleting supply buffers create price pressure and volatility; while the US

Chevron CEO Mike Wirth expressed concern over Strait of Hormuz ship safety as US-Iran fire exchanges escalated Monday during US military escorts. The conflict, linked to Trump's plan to reopen the waterway, threatens a fragile ceasefire and has forced majors to cut Middle East output since late February. The closure imperils ~1 billion barrels of oil cargoes, pushing crude prices up nearly 60% in nine weeks. Wirth warned depleting supply buffers create price pressure and volatility; while the US faces price rises not shortages, global supply risks remain elevated.