Fuel crisis warning over shrinking buffers amid Strait of Hormuz closure

Chevron CEO Mike Wirth said the fuel crisis executives had warned would follow a prolonged Strait of Hormuz closure had arrived, according to a September 15, 2026 post from HormuzLetter citing The Wall Street Journal. Wirth said mechanisms limiting price and supply risks had “largely now played out,” with buffers far smaller than when the war began. The account contrasts his assessment with Trump officials’ claims that the disruption is temporary. Wirth also said he had not spoken to Trump since August 3, when Trump criticized him on Truth Social and demanded that oil companies lower retail prices.