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U.S. diesel hit a record $6 a gallon on Thursday as the Iran war and Ukrainian attacks on Russian refineries squeeze supply
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Chevron $CVX CEO Mike Wirth said Friday that the cushions that had prevented steeper oil price increases since the start of the Iran war have been exhausted, and that crude prices are more likely to rise than fall in the months ahead.
Speaking at a University of Texas at Austin energy conference, Wirth said countries had released crude stockpiles to the market after the conflict began in late February, and the U.S. had also lifted restrictions on oil stored on tankers from sanctioned countries. Those buffers have now been "played out," he said. "It's harder to envision a scenario where prices softens and quickly," Wirth said. "I think the risks remain to the upside over the next few months."
