Chevron CEO Warns of 'Very Real' Dangers to Global Oil Supplies Amid Iran Conflict

Chevron CEO Mike Wirth warns of 'very real' dangers to global oil supplies amid escalating tensions in Iran and Houthi attacks on Saudi oil facilities. The Strait of Hormuz, a critical trade route, is one of the most contentious aspects of the conflict.

The Chevron CEO told Fox News that the world energy system has been stressed and the need for supplies to markets and customers has never been higher. Wirth emphasized how US production acts as a stabilizing force for international markets, but notes that recent attacks have degraded the capacity of the energy system to meet global demand.

The CEO stated that 'some of the challenges have expanded, and the risks to supply are very real.' He added that 'energy assets have been targeted in this conflict,' and that the damage will be priced into the market on shipping. Wirth also mentioned that Chevron is exploring ways to bypass oil shipping through the Middle East's vulnerable waterways.

The rising geopolitical uncertainty has led to a surge in oil prices, with US crude oil trading at roughly $84 per barrel, and the national average price for a gallon of gasoline standing at $4.09, nearly $1 higher than the $3.15 average one year ago. Despite this, Chevron's production is up 20% year-on-year, with a 5% increase from Q1 to Q2 of 2026.