Chevron executive Andy Walz advises Americans to drive less and conserve energy as fuel prices soar.
Brent crude currently trades near $100 a barrel. Ongoing conflict in Iran has disrupted ship traffic through the Strait of Hormuz.
This critical channel handles approximately 20% of the global oil and gas supply. Walz warned that a prolonged crisis could trigger significant supply chain issues.
Domestic production provides some insulation for the U.S. market. However, Walz stated there is no immediate solution to lower prices for consumers.