Chevron CEO Mike Wirth has warned that "upward pressure" on oil prices amid the U.S. conflict in Iran is likely to continue. The war has disrupted shipping traffic in the Strait of Hormuz, a key waterway for the oil industry, and global oil prices have surged since the conflict began. The Treasury Department has also introduced new sanctions on a Chinese oil refinery and several shipping firms and vessels in an attempt to disrupt Iranian oil exports. Despite these measures, Wirth expects further volatility in jet fuel prices in the coming weeks.