# Strait of Hormuz remains closed because of the U.S.-Israeli war with Iran.

*business · news · 2026-05-04 · MarketScreener*

## Key points

- Chevron CEO Mike Wirth warned of imminent physical oil shortages due to the Strait of Hormuz closure.
- Wirth stated global economies, especially in Asia, will begin to shrink as oil supply drops.
- The Strait of Hormuz closure stems from the ongoing U.S.-Israeli war with Iran.
- Wirth predicts demand will quickly adjust downward to match reduced oil supply during the closure.

**Companies:** Chevron
**Countries:** Iran, United States, Israel, Saudi Arabia

[Read the full story on MarketScreener](https://www.marketscreener.com/news/chevron-ceo-says-physical-shortages-in-oil-supply-to-begin-appearing-ce7f58dfda88f521)

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