Chevron CEO warns oil buffers that cushioned the Iran war shock have been 'drained'

Mike Wirth, Chevron's CEO, warned that the buffers that helped absorb the shock of the Iran war have been drained. According to Wirth, commercial stockpiles, emergency reserves and once-sanctioned barrels have all been tapped, leaving the global energy system more exposed. The Iran war has pushed fuel prices to record highs, according to the publication.