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00:02Chevron CEO Mike Wirth said the oil futures market has not fully priced in the scale of
00:07supply disruption caused by the closure of the Strait of Hormuz, according to CNBC.
00:12He said physical supply is tighter than futures suggest, and that oil and gas are not fully
00:17reaching the market. Oil prices fell more than 10% after Trump said he is intent on making a
00:22deal with Iran and paused strikes for five days. The U.S. crude contract for May settled at $88.13
00:29per barrel, and Brent closed at $99.94. August contracts trade near $81, signaling expectations
00:37of easing disruption. Gulf Arab producers cut output due to export limits from the Strait,
00:43while Iranian attacks damaged infrastructure and some governments restricted exports to
00:48retain stockpiles. Wirth said the timeline for restoring production is uncertain and
00:53recovery will take time. For all things money, visit Benzinga.com.
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