Chevron CEO Mike Wirth issued a stark warning about the escalating conflict involving Iran, the United States, and Israel, highlighting the significant threat it poses to global oil supplies. The Strait of Hormuz, through which approximately 20% of the world’s oil passes, is at the center of the crisis, with tensions nearly stalling maritime traffic. Oil tankers remain stranded or rerouted while shipping costs surge, fueling concerns over a prolonged supply shock. Markets anticipate continued disruption, with only a 10.5% chance of traffic normalization by August 31 according to current odds.
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