Chevron CEO Warns of Global Oil Shortages as Strait of Hormuz Closure Disrupts Supply | Energy Crisis 2026 - News and Statistics

May 6, 2026

A panel on The Big Money Show examined the growing tensions with Iran as American military forces secure the Strait of Hormuz, triggering reactions in oil prices and leading to increased gasoline expenses for U.S. consumers amid a turbulent global energy landscape. Chevron‘s chief executive, Mike Wirth, indicated on Monday that oil supply chain shortages will emerge globally due to the closure of the Strait of Hormuz resulting from the conflict with Iran.

Speaking at the Milken Institute’s Global Conference, Wirth addressed worldwide economic expansion and predicted that Asian economies will contract first as demand adapts to the interruption in oil deliveries. He observed that commercial market surpluses, tankers in shadow fleets evading sanctions, and national strategic reserves were being consumed. Wirth emphasized that demand must align with supply and that economic activity will need to decelerate.

According to Wirth, nations in Asia, which depend most heavily on petroleum produced and processed by countries around the Persian Gulf, will experience shortages initially, with European nations following. He stated that the United States, being a net exporter of crude, will suffer less than other regions, though the consequences of supply limitations will eventually reach it. Wirth pointed out that the final scheduled oil shipment from the Gulf was being unloaded at the Port of Long Beach, which serves Los Angeles and Southern California.

Wirth compared the potential scale of the Strait of Hormuz closure to the energy crises of the 1970s, which originated from the Yom Kippur War and the Iranian revolution. Oil prices have surged amid the Iran war, with global benchmarks West Texas Intermediate and Brent both exceeding $100 per barrel after climbing above $110 per barrel because of the hostilities. Tanker movement through the Strait of Hormuz has ceased due to the conflict.

Data from AAA indicated that the nationwide average gasoline price stood at over $4.48 per gallon as of Tuesday, representing a more than 41% increase from the $3.16 per gallon average recorded a year earlier. Jet fuel costs have also climbed sharply, surpassing $4 per gallon since the war began, compared to under $2.50 per gallon before the conflict started.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business

REPORT DESCRIPTION
RESEARCH METHODOLOGY AND THE AI PLATFORM
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
GLOSSARY AND SPECIFIC TERMS

2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

KEY FINDINGS
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3. MARKET OVERVIEW

Understanding the Current State of The Market and its Prospects

MARKET SIZE: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
CONSUMPTION BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
MARKET FORECAST TO 2035

4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION

Finding New Products to Diversify Your Business

TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
BEST-SELLING PRODUCTS
MOST CONSUMED PRODUCTS
MOST TRADED PRODUCTS
MOST PROFITABLE PRODUCTS FOR EXPORT

5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

TOP COUNTRIES TO SOURCE YOUR PRODUCT
TOP PRODUCING COUNTRIES
TOP EXPORTING COUNTRIES
LOW-COST EXPORTING COUNTRIES

6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Export

TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
TOP CONSUMING MARKETS
UNSATURATED MARKETS
TOP IMPORTING MARKETS
MOST PROFITABLE MARKETS

7. PRODUCTION

The Latest Trends and Insights into The Industry

PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
PRODUCTION BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)

8. IMPORTS

The Largest Import Supplying Countries

IMPORTS: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)

9. EXPORTS

The Largest Destinations for Exports

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EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)

10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

11. COUNTRY PROFILES

The Largest Markets And Their Profiles

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