Chevron CEO warns Iran conflict threatens global oil supplies as gas prices rise. Strait of Hormuz traffic normal by August 31 at 11.5% YES.

Oil prices dip as tensions in the Strait of Hormuz ease. New all-time high by September 30 at 5.3% YES, by December 31 at 13.5% YES.

Exxon and Chevron posted record quarters as the Strait of Hormuz conflict fueled shortages and a windfall-tax push in Congress.