Oil Supply Threatened: Reserves Dwindling, Hormuz Crisis Escalates
The Chevron CEO warns of global oil shortages due to the closure of the Strait of Hormuz, through which 20% of the world's crude oil supply flows. This could lead to economic contractions, particularly in Asia. Simultaneously, the situation in the Middle East is escalating, with the US and Iran fighting for control of the strategic waterway and carrying out new attacks, which endangers the fragile ceasefire.