Chevron CEO Mike Wirth warned that the aviation sector faces tightening jet fuel supplies and higher costs in the coming weeks due to disruptions in the Middle East.
“I think aviation is clearly an area where it’s going to probably get worse over the next few weeks,” Wirth said on CBS’s Face the Nation.
Wirth pointed to already low jet fuel inventories before the current conflict and the halt in exports from Middle East refiners, which supply about 75% of Europe’s imported jet fuel.
“We are seeing jet fuel tighten very quickly in Europe, in Asia,” he said. Airlines have begun adjusting flight schedules, with effects flowing into higher fares.
The comments come as the U.S. military enforces a naval blockade of Iranian ports, restricting traffic through the Strait of Hormuz, a critical chokepoint for global oil and fuel shipments.
Wirth also addressed shipping security in the strait. He said Chevron would need confidence in the safety of crews and cargo before resuming transits, likely requiring naval escorts in the early stages.
“I think in the early days, it’s very likely that you could see naval escorts,” Wirth told Face the Nation. Risks include mines and potential threats from shore.
Decisions on resuming operations would be made in collaboration with the U.S. Navy and international partners.
Gasoline prices have already seen upward pressure, but Wirth noted aviation would feel the impact more sharply in the near term, with potential for fuller flights, route cuts, and higher ticket prices.
The Strait of Hormuz carries about one-fifth of global oil trade. Disruptions there have ripple effects on energy markets worldwide.
Wirth’s assessment reflects broader industry concerns as the blockade continues and tensions in the region persist