# Chevron CEO Mike Wirth says the standoff with Iran over the Strait of Hormuz continues to rattle global markets and drive up the price of fuel.

*business · news · 2026-04-23 · CBS News*

## Key points

- Chevron CEO Mike Wirth predicts airline fares may rise and flights may decrease imminently.
- Jet fuel shortages already existed before the Iran conflict, especially in Europe and Asia.
- U.S. airlines are more insulated from jet fuel shortages due to domestic fuel production.
- Jet fuel prices in North America have surged over 80% compared to last year.

**Companies:** Chevron
**Countries:** United States, Iran

[Read the full story on CBS News](https://www.cbsnews.com/news/chevron-ceo-air-travel-prices-iran-war-face-the-nation-interview/)

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