Chevron CEO says Hormuz closure impacts will last 'for some time'

Mike Wirth, chairman and CEO of Chevron, said the effects of the closure of the Strait of Hormuz will be felt “for some time,” even if the strategic waterway reopens immediately.

Speaking on CBS’s Face the Nation, Wirth said resuming normal operations would take time because supplies would still need to reach markets and inventories would need to be rebuilt.

“What’s really needed is for flow to resume through the Strait of Hormuz,” he said, warning that “you can’t take 20% of the energy out of the system.”