Despite a 60% oil price surge, Chevron CEO, Rick Wirth, stated that the disruptions from the Strait of Hormuz have not been fully reflected in market prices. The closure of the strait, which typically carries around 20% of the world's daily crude oil and liquefied natural gas, has exacerbated supply shortages across Asia. Wirth warned that even a reopening of this strait would not immediately alleviate the shortage. The International Energy Agency has authorized the release of 400 million barrels from emergency storage globally, including 172 million from the U.S. The UAE has cut output by over 50% this month, with Iraq and Kuwait making even higher reductions.