Oil shortages loom globally as Strait of Hormuz closure disrupts supply, warns Chevron CEO.

Chevron CEO Mike Wirth warned that the closure of the Strait of Hormuz amid the Iran war will cause global oil shortages, starting in Asia and eventually affecting other regions including the U.S. This disruption is expected to slow economic growth as demand adjusts to limited supply. Oil prices have surged above $100 a barrel, pushing gas prices in the U.S. to over $4.48 per gallon, impacting consumers and industries like airlines. The situation echoes the 1970s energy crises, highlighting the potential for prolonged market instability.