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Chevron CEO Says Oil Buffers That Blunted Iran Shock Have Been Drained

Chevron Chief Executive Mike Wirth warned that the oil market’s spare buffers, which helped absorb the initial disruption from the Iran war shock, have now been largely used up. His remarks underscore growing concern that the global diesel and crude system is entering a more fragile phase just as the International Energy Agency flags a prolonged squeeze on middle distillates.