Chevron CEO: Iran-driven oil shock hits markets harder than Russia-Ukraine

Chevron CEO Mike Wirth said at CERAWeek that Iran-related attacks and the broader Middle East war have damaged global oil markets more than the Russia-Ukraine conflict, and inventories and supply chains won’t rebound quickly even if the Strait of Hormuz reopens; Asia faces diesel and jet-fuel shortages, LNG and fertilizer deliveries are disrupted, and while officials expect the disruption to be short-term, producers are urged to ramp up output.