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Mike Wirth said it will take some time to rebuild inventories and supply chains after the Strait of Hormuz fully opens.
“Markets do what markets do,” he said at the CERAWeek by S&P Global conference in Houston.
Industry executives are gathering in the U.S. energy capital this week as uncertainty mounts and crude costs soar.
At the world’s largest energy industry gathering, there’s one question on top of everyone’s minds.
The island nation’s infrastructure is in decay.
Traders are placing wagers on the likelihood of disasters, activists being jailed and oil depots exploding.
Treasury Secretary Scott Bessent said the U.S. will allow the sale of shipments already in transit.
The map of price hikes shows highest increases are mostly in states that lean Republican.
Oil industry executives say much of the administration’s messaging on supply disruptions from the Iran war has discouraged drilling.
U.S. benchmark West Texas Intermediate crude climbed during the session, crossing $101 per barrel from $67 per barrel before the war.