Mike Wirth, CEO of “Chevron: “The closure of the Strait of Hormuz, together with the resulting impact on global crude oil supplies and similar strategic reserves, indicates a high probability of oil shortages, oil supply shocks in the 1970s”
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Who has a better watch: American “Chevron” or US President Donald Trump? At least, when the looming global time crunch that the world oil market—and everyone associated with the petro business—is facing in the “Hormuz case.” (in the picture: a view of the strategic strait from the Musandam Peninsula in Oman).
Just yesterday, the 47th president of the USA told his negotiating team not to “rush” in shaping a peace agreement with Iran: “time is on our side”, said Trump. (https://www.france24.com/en/middle-east/20260524-time-is-on-our-side-trump-tempers-expectations-of-a-peace-deal-with-Iran)
On what grounds Donald Trump currently believes that “time is on our side” is not specified. Meanwhile, according to the announcement of the US leader; “The (US) blockade (of Iranian ports) remains in full force until a deal is reached, ratified and signed.”
Now, on whose side is “time” in the conflict between the USA and Israel against Iran, the understandings are different, sometimes even opposite to Trump’s. Thus, Gideon Rahman, the chief foreign policy columnist of the London “Financial Times” was convinced in mid-April that “time is on Iran’s side” in the conflict in the Persian Gulf (https://www.ft.com/content/2f1cbc7d-eeab-40e4-b940-61bf8b1e7959?syn-25a6b1a6=1).
In a widely commented op-ed titled “Why Time Is on Iran’s Side,” Rahman points out that “The longer the Strait of Hormuz is closed, the more economic and political pressure will increase on the US and its allies. As a result, Iran’s negotiating side is likely to be stronger — if and when peace talks resume.”
It may be that the current phase of negotiations between the USA and Iran denies Rahman’s assessment, which could be inferred from today’s reactions of the world’s petro-exchanges. Namely, the price of a barrel of “Brent” and light Texas oil (WTI) was reduced today by about five percent, due to the expressed optimism of the stock exchanges that this time Washington and Tehran are close to the “deal” (https://www.thestar.com.my/business/business-news/2026/05/25/oil-slips-us5-as-us-iran-seen-moving-closer-to-peace-deal#goog_rewarded).
But what “deal”?
As long as it is not completely clear, the fate of the oil price, the normalization of global petro-supply (as well as gas, helium, fertilizers…), and the further development profile of numerous economic branches are becoming hostages of the escalation of the key actors of the conflict in the Persian Gulf.
On this occasion, it is worth reminding that the US mega-oil company “Chevron” warned in the middle of May of possible dramatic global oil shortages…More precisely, Mike Wirth, CEO of “Chevron”—at the Milken’s Institute Global Conference in Los Angeles, warned that “the closure of the Strait of Hormuz, together with the resulting impact on global crude oil supplies and similar strategic reserves, indicates a high probability of oil shortages, oil supply shocks in the 1970s” (https://finance.yahoo.com/sectors/energy/articles/chevrons-ceo-warning-1970s-style-152000898.html).
Wirth did not specify how long it would take for this “high probability” to eventually materialize. Meanwhile, some oil traders estimate that “petro-Armageddon 1970” could occur already in June (https://www.ft.com/content/b26ba4ce-4324-4ea9-926d-caf036f20832?syn-25a6b1a6=1).
In that case, the time for a US-Iran deal on the global petro market is running out pretty fast, so a Washington-Tehran deal is becoming increasingly desirable there.
In the meantime, “We are like pirates…some kind of pirates, but we don’t play games…” Trump, on one occasion in early May, described the actions of the US Navy in seizing ships in the blockade of Iranian ports. (https://time.com/article/2026/05/02/trump-pirates-US-navy-iran-blockade/.
How long the “pirates” will stay in the Persian Gulf is an open question.
