Chevron CEO Mike Wirth warned of "very real" dangers for the global oil industry as tensions escalate in Iran and Houthi attacks on Saudi oil facilities fuel concerns over a potential new shipping crisis.His comments come as oil prices climb following President Donald Trump’s pause on U.S.strikes against Iran and as Saudi Arabia reportedly builds an international coalition to protect vital shipping routes."We now see, not only the Strait of Hormuz, but the Red Sea and the Black Sea have risks and uncertainties.
So, some of the challenges have expanded, and the risks to supply are very real," Wirth said during an appearance on "Sunday Morning Futures."TRUMP WARNS IRAN FIGHTING ISN'T OVER AS HE VOWS US WILL 'WIN' AS TALKS FADEOil tankers and cargo ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, Wednesday, March 11, 2026.(AP Photo/Altaf Qadri)While oil demand remains strong around the world, Wirth said energy markets are "fragile and uncertain" as the U.S.
conflict with Iran festers into a sixth month and as global inventories continue to decline."The world energy system has been stressed and the need for supplies to markets and customers has never been higher," the Chevron CEO said.The Strait of Hormuz, one of the world’s most vital trade routes, is one of the most contentious aspects of the United States conflict with Iran.Traffic has sunk to only a handful of vessels passing through the waterway each day.Recent Houthi attacks on another vital Middle East shipping route, the Red Sea, have raised fresh concerns about the reliability of that corridor.STEVE FORBES URGES TRUMP TO KEEP THE STRAIT OF HORMUZ OPEN AT ALL COSTSA satellite imagery shows Bab el Mandeb Strait, a key shipping waterway and the gateway to the Red Sea, as Iran threatens using Yemen's Houthi allies to shut the Bab el-Mandeb gateway to the Red Sea, in this handout picture dated July 12, 2026.
(Nasa Worldview/Handout via Reuters)"I think the unfortunate thin...