Chevron CEO Warns Oil Buffers Depleted Amid Ongoing Iran Conflict

Chevron CEO Mike Wirth warned that oil buffers limiting crude price increases have been depleted due to the ongoing Iran conflict. This development could lead to higher prices in the coming months.

The buffers, which included released stockpiles and lifted restrictions on stored oil from countries under sanctions, have now 'played out,' according to Wirth's statement at a University of Texas energy conference. The Iran war has already pushed up prices, with the average US diesel price hitting $6 per gallon for the first time.

Brent crude futures remain on track for an 8% weekly gain. Chevron operates in the region and may be impacted by ongoing Ukrainian attacks on Russian refineries in the Black Sea.