"Chevron CEO Mike Wirth stated, 'There are very real physical manifestations of the closure of the Strait of Hormuz that are working their way around the world through the system that I don't think are fully priced in.'"
"Ahmed Al Jaber, UAE's minister of energy, remarked, 'Weaponizing the Strait of Hormuz is not an act of aggression against one nation. It's economic terrorism against every nation.'"
The closure of the Strait of Hormuz has disrupted 20% of the world's crude oil and liquefied natural gas supply, leading to a global energy supply shock. Chevron CEO Mike Wirth indicated that current oil prices may not reflect the true impact of this closure. Asian countries are implementing measures to conserve energy, while the conflict is also affecting helium and fertilizer supplies. Middle Eastern leaders are participating virtually in discussions, with some emphasizing the economic implications of the Strait's closure as a form of economic terrorism.
Read at Fortune
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