Oil markets worse hit by Iran war than Ukraine war: Chevron CEO

Story by ANI | Posted by Ashhar Alam | Date 24-03-2026

Chevron CEO,Mike Wirth

New Delhi

The ongoing conflict between the United States and Iran has caused more damage to global oil and gas markets than the prolonged Russia-Ukraine war, said Mike Wirth, highlighting the severity of disruptions in energy supply chains.

According to a report by Politico, Wirth cautioned that Iran's attacks on oil tankers and the broader escalation in the Middle East have significantly impacted global energy markets.

The report stated, "Wirth cautioned that Iran's attacks on oil tankers and the broader damage of the Middle East war did greater damage to oil and gas markets than the Russia-Ukraine war. Asian nations are running low on diesel and jet fuel. The war has held up deliveries of LNG, fertilizer and other products."

Wirth noted that assessing the extent of the damage remains a challenge, as it is still unclear how much production has been shut and how severely key facilities have been affected.

He added that rebuilding global petroleum supply chains will be a major task even after the situation improves. Speaking at the CERAWeek by S&P Global conference in Houston, Wirth said that the disruption has significantly impacted the flow of oil and gas into the market.

"We've got a lot of oil and gas now that is not flowing into the market," he said, adding that even if the Strait of Hormuz reopens, restoring supply chains will take time.

"Physical supply chains don't respond immediately, so even if the strait opens at some point, it will take time to rebuild inventories of the right grades of crude and the right types of fuel," Wirth said.

The disruption has affected not only crude oil but also key products such as LNG, diesel, jet fuel and fertilisers, raising concerns over energy availability, especially in Asian markets.

At the same event, US Energy Secretary Chris Wright said that while the disruption is expected to be short-term, companies should increase production to stabilise markets.

"Markets do what markets do," Wright said. "Prices went up to send signals to everyone that can produce more: 'Please, produce more.'"

The ongoing conflict has intensified concerns over global energy security, with supply bottlenecks and damaged infrastructure continuing to disrupt markets.

The Brent crude prices have touched as high as USD 113 per barrel in the international markets since the conflict began, the prices are still high and currently trading at USD 104 per barrel at the time of filing this report.