Chevron CEO Flags Looming Oil Shocks Amid Hormuz Disruption
TL;DR
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.
- Chevron (CVX) CEO Warns More Oil Shocks Are Coming TipRanks
- Chevron CEO says Iran war impact isn't fully priced into oil market, traders have ‘scant information’ CNBC
- US-Iran war damaged global oil markets more than Russia-Ukraine war, Chevron CEO says Politico
- Oil Is Market ‘Singularly Focused’ on Hormuz, Vitol Says Bloomberg.com
- 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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