Gulf war hurt oil market more than Russia-Ukraine war: Chevron CEO

The US-Iran war caused more damage to the global oil and gas market than the Russia-Ukraine war, said Chevron CEO Mike Wirth. He added, "Physical supply chains don't respond immediately, so even if [Strait of Hormuz] reopens...it will take time to rebuild inventories." Crude oil price rose to $112 per barrel on Monday, from $70 per barrel before the war.