Chevron CEO warns Iran conflict has created 'very real' threat to global oil supplies as gas prices climb

Chevron CEO Mike Wirth warned of "very real" dangers for the global oil industry as tensions escalate in Iran and Houthi attacks on Saudi oil facilities fuel concerns over a potential new shipping crisis.

His comments come as oil prices climb following President Donald Trump’s pause on U.S. strikes against Iran and as Saudi Arabia reportedly builds an international coalition to protect vital shipping routes.

"We now see, not only the Strait of Hormuz, but the Red Sea and the Black Sea have risks and uncertainties.