By Collin Eaton

The world's physical markets for oil and fuel are tighter than financial investors in energy futures realize, Chevron CEO Mike Wirth said, signaling that prices could rise further as long as the Strait of Hormuz remains closed.

"The markets are trading on some scant information and perception," Wirth said at the S&P Global CERAWeek conference in Houston Monday. "Physical prices and physical supplies would reflect a tighter market than I think the forward curve reflects."

In physical oil markets, Chevron has seen tightness in diesel and jet fuel supplies, particularly in Asia.

"You're seeing governments impose policies to hold stocks at home, to reduce exports and doing things to get some people to reduce demand," he said.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

March 23, 2026 10:56 ET (14:56 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.