Chevron CEO says Iran war impact isn't fully priced into oil market, traders have ‘scant information’

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HOUSTON — The oil futures market has not fully priced in the scale of the supply disruption triggered by the closure of the Strait of Hormuz, Chevron

CEO Mike Wirth said Monday.

“There are very real, physical manifestations of the closure of the Strait of Hormuz that are working their way around the world and through the system that I don’t think are fully priced into the futures curves on oil,” Wirth said at S&P Global’s CERAWeek conference here.

Oil prices plunged 9% on Monday after President Donald Trump told CNBC that he is “very intent on making a deal with Iran.” Trump postponed strikes on Iran’s power plants for five days after talks with Iran that he described as productive.