Chevron's Mike Wirth says oil price pressure isn't going away soon

As the U.S. confrontation with Iran stretches into its second month, global energy markets are still feeling the squeeze - and Chevron's CEO Mike Wirth doesn't see relief coming soon. In a Sunday interview, Wirth said the upward pressure on oil prices is "likely to continue" as the flow of crude through the Strait of Hormuz remains unstable. The waterway, a critical artery for global oil shipments, has seen repeated disruptions, sending ripples through fuel markets worldwide.

One of the sharper impacts is showing up in the aviation sector. Wirth noted that jet fuel inventories in key regions are already tight, and he expects the situation to "probably get worse" before it improves. With tankers rerouting or delaying shipments to avoid conflict zones, airlines could face higher operating costs and potential flight disruptions, especially on long-haul international routes that depend on steady fuel supplies.

At the gas pump, Americans may not have seen the worst either. Wirth told CBS News that it's "very hard to say" whether prices have peaked, a comment that runs counter to recent statements from some Trump administration officials who've suggested the worst might be behind us. His caution reflects the unpredictability of the conflict and the fragile state of global energy logistics.

The longer the standoff continues, the more pressure builds on both supply and consumer wallets. Oil prices have climbed steadily since the conflict began, and refined products like diesel and gasoline are following suit. Energy analysts say the market is pricing in risk - not just current shortages, but the potential for further escalation.

Wirth didn't speculate on the political trajectory of the conflict, but his comments underscore how quickly geopolitical shocks can translate into everyday costs. For now, energy companies are adjusting routes, boosting storage, and managing supply chains as best they can. But without a clear path to de-escalation, even those measures have limits.

The situation also highlights the vulnerability of global trade to regional instability. The Strait of Hormuz handles about a fifth of the world's oil, and any prolonged closure or restriction would have cascading effects. While full blockage hasn't happened, the threat alone is enough to keep prices elevated.

Consumers, airlines, and policymakers are all watching closely. With no immediate end in sight, Wirth's message is clear: the energy fallout from the conflict isn't temporary - and planning for higher costs may be the new normal for now.