Chevron Flags Hormuz Risks, Inventory Crunch Spiking Brent to $150-$160
CVX•Chevron CEO Mike Wirth said the US-Iran ceasefire extension by 60 days and naval attacks in the Strait of Hormuz have kept crude near $90 despite shipping risks. He and ExxonMobil warned stockpiles are nearing record lows after 14 million barrels-a-day supply losses, forecasting Brent may surge to $150-160 soon.
1. Prolonged Strait of Hormuz Tensions
Chevron CEO Mike Wirth said negotiators agreed to extend the US-Iran ceasefire by 60 days, but ongoing naval attacks in the Strait of Hormuz continue to threaten shipping lanes and have kept crude prices near $90 a barrel despite the temporary truce.
2. Historic Inventory Drawdown and Price Spike Risk
Chevron executives joined ExxonMobil in warning that the closure of the Strait of Hormuz has removed roughly 14 million barrels per day of supply, driving global stockpiles toward record lows and setting the stage for Brent crude to surge to $150-160 within weeks.
