<div id="readability-page-1">Crisis warning issued: Chevron's Mike Wirth sees a strong chance of a 1970s-style oil shock if the Strait of Hormuz remains closed. Market reaction sharpens: Oil prices surged past $105 a barrel, pushing bond yields higher and prompting a broad-based sell-off in U.S. equities. Inflation risks grow: Higher energy costs threaten renewed inflation, complicating central banks’ efforts to balance slowing growth with rising prices.</div>

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<p>Chevron's CEO Mike Wirth warns of a potential 1970s-style oil crisis if the Strait of Hormuz remains closed, leading to oil prices exceeding $105 a barrel. This surge has resulted in higher bond yields and a sell-off in U.S. equities, raising inflation concerns that complicate central banks' efforts to manage growth and rising prices.</p>

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Chevron CEO warns of 1970s-style oil crisis risk