Chevron CEO Mike Wirth Warns Depleting Supply Buffer Will Lead To Higher Oil Prices: Report

• Wirth said Chevron has seen fewer disruptions around its Tengiz operations after the U.S. raised the issue with Ukraine.
• He said that Chevron’s $7 billion investment will be funded entirely by cash generated from its existing Venezuelan ventures.
• Brent crude has surged more than 50% since the war began in the Middle East.

Chevron (CVX) CEO Mike Wirth reportedly warned that oil prices could remain elevated over the coming months as supply buffers that helped cushion the early impact of the U.S.-Iran war have largely been depleted.

“It's harder to envision a scenario where prices soften and quickly,” Wirth said at a University of Texas at Austin energy conference on Friday, as reported by Reuters. “I think the risks remain to the upside over the next few months.”

Brent Crude Up More Than 50% Since Middle East War Began

Since the U.S.-Israeli strikes on Iran began on February 28, countries have released crude from stockpiles, while the U.S. eased restrictions on sanctioned crude stored aboard vessels. Wirth said those measures helped limit the initial price shock, but that cushion has now largely been “played out.”

The warning comes as oil prices jumped back over $100 per barrel this week. While Brent futures for November 2026 deliveries traded 3% lower at $104.4 per barrel at the time of writing, it has gained more than 50% since the Middle East war began.

U.S. West Texas Intermediate (WTI) crude contracts expiring in October 2026 were down 2.9% at $99.5 per barrel. In the U.S., the national average diesel price reportedly crossed $6 per gallon for the first time on Thursday.

CVX shares were up 0.5% at the time of writing.

Updates On Kazakhstan, Venezuela Operations

The U.S.-Iran conflict has restricted Middle Eastern supplies, while Ukrainian attacks on Russian refineries have further choked global fuel supply. Wirth said the Trump administration had discussed with Ukraine its attacks on energy infrastructure in the region and Chevron has since seen fewer disruptions affecting its operations. Chevron operates Kazakhstan’s Tengiz oilfield.

Meanwhile, Chevron is pushing ahead with its expansion in Venezuela. Wirth said the company’s planned $7 billion investment will be funded entirely by cash generated from its existing Venezuelan ventures, as Chevron targets more than doubling production there to about 600,000 barrels per day by 2031.

CVX Stock Up 40% YTD

Retail sentiment surrounding CVX on Stocktwits remained ‘bullish’ over the past 24 hours.

CVX shares have gained more than 40% so far in 2026 and 14.5% since the war broke out in the Middle East.

Also read: YUM, WMT Stocks In Focus: CDC Declares Cyclospora Outbreak Over After Nearly 13,000 Cases

For updates and corrections, email newsroom[at]stocktwits[dot]com.