A sign displays the prices of unleaded gasoline and diesel fuel at a Chevron gas station in Bay Harbor Island, Florida, US, on Monday, June 22, 2026. Bloomberg | Bloomberg | Getty Images The chief executive of U.S. oil giant Chevron on Wednesday warned it would be "unwise" for the Trump administration to move forward with a diesel export ban , saying the policy runs the risk of making the supply situation worse. "The U.S. has been a reliable supplier to the world at a time when it needs it," Chevron CEO Mike Wirth told CNBC's " Squawk Box Europe " on Wednesday.
"And I think it would be unwise for the U.S. to create questions in the minds of our allies and our partners as to whether or not we will be there with reliable supply when times are difficult — and so, there are other options," he added. His comments come as rising Middle East crude exports and an emergency G7 stockpile release appear to have helped to ease supply fears, although energy market participants remain on edge as Saudi Arabia and Iran-backed Houthi forces exchange attacks . The U.S.-Iran war has severely disrupted shipping through the Strait of Hormuz, a narrow waterway that typically handles around 20% of the world's oil and liquefied natural gas supplies, sending shock waves through the global economy.
Saudi Aramco CEO Amin Nasser said earlier this week that it could take up to two years to rebuild global oil inventories, warning that the squeeze on supplies could yet get worse as the U.S.-Iran war drags on. This is breaking news. Please refresh for updates.
Source: CNBC
