business / news / / MarketScreener
Strait of Hormuz remains closed because of the U.S.-Israeli war with Iran.
Chevron CEO Mike Wirth warned of imminent physical oil shortages due to the Strait of Hormuz closure.
KEY POINTS
- 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
Summarized by Newsio from MarketScreener. How we summarize →