At the largest energy conference in the Americas, CERAWeek, Chevron CEO Mike Wirth pointed out that the current oil futures market has not adequately reflected the actual impact of a potential blockade of the Strait of Hormuz on crude oil supply. He warned that despite a general expectation in the market that oil prices will decline in the coming weeks, the reality of supply disruptions has yet to be fully priced in.
Wirth stated that the Strait of Hormuz is a critical channel for global oil transportation, with approximately 20% of the world's oil supply passing through this corridor annually. Due to attacks on merchant ships by Iran, oil transportation has nearly come to a standstill, severely disrupting the flow of crude oil, which directly affects the global energy system.
Although oil prices have already risen somewhat, Wirth noted that the actual shortfall in oil and gas supply is much greater than market expectations, leading to supply pressures that may persist for an extended period.
