The buffering measures have been completely exhausted! Chevron executives warn that the global fuel crisis has arrived, and the alarm for rising oil prices is sounding

The Zhitong Finance App notes that although Trump administration officials say the current interruption in the oil market is temporary, Chevron (CVX.US) CEO Mike Worth and other industry executives warned that global supply is tightening, and there is no sign of easing.

Petroleum industry executives said that global commercial fuel stocks have continued to be consumed for more than six months, and strategic crude oil reserves cannot be released on a larger scale — the previous attack last week shut down a key crude oil pipeline in Saudi Arabia that bypasses the Strait of Hormuz, reducing the already tight global oil market by at least 2.5 million barrels of supply every day.

Mike Worth said at an energy conference in Austin, Texas on Friday that “all of these mechanisms have helped mitigate price and supply risks.” “These mechanisms are now largely exhausted, and there is no buffer in the system like at the beginning of the (Middle East War).”

Vos said, “It's hard to imagine a scenario where prices will weaken rapidly,” and “I think the risk will still be on the upside in the next few months.”

Retail diesel prices in the US have soared to a record high of $6.23 per gallon, while the price of gasoline, which had fallen below $4 per gallon in summer, has rebounded to $4.32 per gallon. As the conflict in the Middle East heats up again and ships and energy infrastructure are being targeted in both directions, some CEOs and energy advisors are becoming increasingly uneasy.

Quantum Capital Group CEO Will Van Loe said at the Austin conference that “in most negotiations, the advantage usually falls on the side that is on the side of time and is willing to be patient,” while Iran is “willing to suffer” and “their people have endured too much suffering over the past few decades.”

Analysts say China has increased global supply tension to a certain extent — after several months of relying on its own crude oil stocks to meet nearly half of its daily consumption, China has resumed larger purchases from international suppliers, which previously provided breathing space for the oil market.

Crude oil futures closed higher on Monday, as concerns about energy supply heated up as Saudi Arabia's energy infrastructure was hit by a fresh blow and Middle Eastern ships were attacked.

But after US President Trump said Ukraine and Russia had agreed to stop attacking each other's energy facilities, oil prices fell from early morning highs, and diesel led the decline — although neither country independently said they were complying with the agreement.

Ukrainian President Zelensky said that if “our partners are prepared to ensure that Russia actually stops attacking our power systems, other energy facilities, critical infrastructure, and food supply channels... Ukraine is willing to suspend attacks. Ukraine is not convinced that Russia is willing to abide by any agreement.”

October crude oil futures on the New York Mercantile Exchange, which were delivered in recent months, rose 1.3% to $101.39 per barrel; Brent crude oil futures for November delivery rose 1% to $105.68 per barrel; Nymex October natural gas futures, which were delivered recently, rose 2.3% to $2.896 per million British thermal units.