‘Upward pressure’ on oil prices amid Iran war ‘likely to continue’: Chevron CEO
Summary
Chevron's CEO Mike Wirth said oil prices are likely to keep rising due to the ongoing conflict in Iran. The war has reduced oil supply, which pushes prices higher.Key Facts
- Chevron CEO Mike Wirth spoke about oil prices on a Sunday interview.
- He said there is "upward pressure" on oil prices because of the U.S. conflict in Iran.
- The conflict is now in its second full month.
- The war has caused less oil to be available in the market.
- Reduced supply tends to increase oil prices.
- This trend of rising prices is expected to continue while the conflict lasts.
- Chevron is a major company involved in oil production and sales.
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