CSB News USA

CSB News USA · 9:41 AM

Chevron CEO Mike Wirth has warned that escalating tensions involving Iran and Houthi attacks on Saudi oil facilities have created a "very real" threat to global oil supplies, raising fears of a renewed shipping crisis

Chevron CEO Mike Wirth has warned that escalating tensions involving Iran and Houthi attacks on Saudi oil facilities have created a "very real" threat to global oil supplies, raising fears of a renewed shipping crisis. His remarks come as oil prices continue to rise following President Donald Trump's decision to pause U.S. strikes on Iran, while Saudi Arabia is reportedly working to build an international coalition to safeguard critical shipping routes. Speaking on "Sunday Morning Futures," Wirth said: "We now see not only the Strait of Hormuz, but also the Red Sea and the Black Sea facing risks and uncertainties. The challenges have expanded, and the risks to global oil supplies are very real." Although global oil demand remains strong, Wirth described energy markets as "fragile and uncertain" as the U.S.-Iran conflict enters its sixth month and worldwide oil inventories continue to decline. He added: "The global energy system has been under tremendous stress, and the need to keep supplies flowing to markets and customers has never been greater." The…

Continue reading →