Chevron chief executive Mike Wirth has warned that escalating tensions surrounding Iran have created a "very real" threat to global oil supplies, as petrol prices rise. Speaking to Maria Bartiromo on Fox News' "Sunday Morning Futures", Wirth said geopolitical conflict in the Middle East was contributing to volatility in energy markets, underscoring the fragility of global supply chains that depend on stable shipping routes through the region.

Among the concerns raised is the vulnerability of the Strait of Hormuz, a critical corridor for global oil shipments, with Chevron reportedly exploring a project in Iraq that would allow it to bypass the strait if tensions were to disrupt transit further. The interview highlighted broader anxieties within the energy industry about how ongoing conflict involving Iran could affect production, distribution and pricing, with knock-on effects already being felt by consumers at the pump.