Ship Attacks Continue In Strait Of Hormuz Despite Peace Talks, Says Chevron CEO

Several vessels transiting the Strait of Hormuz have been attacked in recent days, highlighting the “very real” risks facing shipowners in the Persian Gulf, regardless of whether a peace agreement is reached, Chevron Corp. Chief Executive Officer Mike Wirth said, according to Bloomberg.

“There has still been kinetic activity this week, some of which has been reported in the media and some of which has not,” Wirth said during an interview on Bloomberg TV on Friday.

“We see the risks in that environment as still being very real.”

Asked to clarify what had not yet been reported, Wirth said several ships had been attacked.

“There have been vessels in transit that have suffered attacks,” he said. “They may not occur every day, but there have been multiple incidents.”

Chevron would not consider paying a toll to move ships through the Strait of Hormuz, Wirth said. The company currently has six vessels under charter operating in the Persian Gulf waterway, meaning they are owned by third parties.

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According to Wirth, it is the shipowners who will decide whether to transit the strait.

This means that shipowners and their insurers must be confident that passage is safe before oil flows can return to normal, regardless of whether the United States and Iran reach a peace agreement in the coming days.

They must also be willing to send vessels back through the strait for trade to resume fully, Wirth said.

“Shipowners have to be comfortable sending vessels back after having ships trapped for months and crews stranded for months,” he said. “They may or may not be willing to move all of their vessels back in.”