Chevron CEO Mike Wirth warned of security risks for ships transiting the Strait of Hormuz amid US‑Iran clashes.
Conflict has closed the strait, affecting roughly 1 billion barrels of oil cargoes and driving crude prices up about 60% in nine weeks.
Chevron and peers have cut Middle East production; refiners are drawing down stored barrels, raising concerns of tighter supply and price volatility.
Wirth told the Trump administration that strategic buffers are being depleted, potentially increasing price pressure and outage risk outside the US.