Concerns over availability will soon replace fears about price, according to Mike Wirth
Physical oil shortages could begin to emerge worldwide within weeks due to the Middle East war and continued closure of the Strait of Hormuz, Chevron CEO Mike Wirth has warned.
Attacks on energy infrastructure and a dual shipping blockade in the critical waterway – which carries about a fifth of global seaborne oil and LNG – have sharply cut deliveries and pushed prices to multi-year highs. Multiple tankers have remained stranded in Hormuz since the initial US and Israeli strikes on Iran in late February. Washington and Tehran remain at odds over the…
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