Chevron CEO Flags Looming Oil Shocks Amid Hormuz Disruption
TL;DR Summary
Chevron CEO Mike Wirth warns that oil prices may be underpricing tight physical supply due to the Strait of Hormuz disruption, predicting more shocks ahead. The day’s market move saw Brent crude around $99 and WTI near $87.7 as prices tumbled after talks with Iran, despite a generally bullish investor sentiment on CVX with a Strong Buy consensus and a year-end target around $197.
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- Chevron's CEO says oil prices are still too low—and the effects of the Strait of Hormuz closure are not 'fully priced in' Fortune
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