Mike Wirth, chair and CEO of Chevron, stated that the ongoing war involving Iran has left energy markets in a "somewhat fragile and uncertain" state. In an interview aired Sunday, August 2, 2026, on Fox News's "Sunday Morning Futures" with Maria Bartiromo, Wirth discussed the risks affecting all transit routes for oil exports, particularly the Strait of Hormuz and the Red Sea.

Wirth noted that despite "pretty strong" demand, challenges in the energy sector have expanded, leading to a drawdown of inventories worldwide, including strategic and commercial stocks. He credited the U.S. for stepping up oil production, helping the industry manage the situation.

Looking ahead, Wirth mentioned discussions about constructing a pipeline to the Mediterranean Sea to circumvent disruptions caused by Iran's closure of the Strait of Hormuz—through which about 20 percent of the world's oil passes—and the Houthi blockade on the Red Sea, which has stranded roughly 5 percent of global oil supplies.

He expressed concern that energy assets targeted in the conflict degrade the system's capacity to meet global demand. The speed of recovery will influence when markets return to a new equilibrium.

The national average for gasoline in the U.S. reached $4.10 on Sunday, over $1 higher than before the war began. Additionally, the Croix refinery was shut down indefinitely in 2021 after the Environmental Protection Agency ordered a 60-day closure due to oil releases and air pollution posing an "imminent risk to public health."

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