Wirth Sees Oil Prices Staying High Amid Depleted Supply Buffers

Chevron CEO Mike Wirth has warned that oil prices could remain elevated due to depleted supply buffers. Speaking at the University of Texas at Austin energy conference, Wirth said it's 'harder to envision a scenario where prices soften and quickly.'

According to Reuters, Wirth attributed the initial price shock to measures such as releasing crude from stockpiles and easing restrictions on sanctioned crude stored aboard vessels. However, he noted that this cushion has largely been depleted.

Brent crude has surged more than 50% since the war began in the Middle East. Chevron's shares have gained over 40% so far in 2026.