Chevron CEO Mike Wirth says the buffers that cushioned the Iran war oil shock are drained, leaving the system more vulnerable to disruption. Diesel is the sharp edge: US average hit a record $6.53/gal

What happened: Chevron CEO Mike Wirth told CNBC that oil buffers which cushioned the Iran war shock have been drained, leaving the system more vulnerable to disruption. Key numbers: US diesel averaged a record $6.53 a gallon on Sept. 22, up from about $3.76 before the war. The IEA sees 2026 supply falling 5.8 million barrels a day to 100.7 million. Why it matters: The IEA expects diesel to stay tight into 2027, and analysts doubt export bans, tax waivers, or Russian supply can add global barrels.

Chevron CEO warns drained oil buffers remove cushion against Iran war shock.

Chevron CEO warns drained oil buffers remove cushion against Iran war shock. — impact context not separately stored; see What changed.