Chevron CEO Warns Imminent Hormuz Tanker Halt as $100+ Oil Trumps Rates

As of May 1, 2026, Chevron CEO Mike Wirth warns of an imminent tanker shipping halt in the Strait of Hormuz amid spiraling risks, with WTI up 104% YTD above $100/bbl now dominating global economy over interest rates. Story began March 9 with U.S. jobs loss of 92,000 and oil topping $100/bbl, escalating via Iran attacks and Hormuz closure April 6, driving 72% price surge to $115/bbl, peaks near $150 mid-April on 11-13 mbpd disruptions, Saudi 600 kbpd cuts. By April 29, 1 billion barrels lost spurred record 11-12 mbpd stockpile draws despite U.S. output at 13.6 mbpd.