“…During S&P Global’s CERAWeek, a Houston-based energy industry conference held this year from March 23-27, attendees and other experts expressed concern over the long-term consequences of President Donald Trump’s war constraining energy supply in the Strait of Hormuz, making clear to reporters that the situation is likely worse than the market is showing.
Some on Fox Business agreed. On other Fox programs, however, network figures and guests dismissed concerns from the energy industry about crude oil prices, instead echoing messaging from Trump administration Energy Secretary Chris Wright and Treasury Secretary Scott Bessent that higher gas prices are the result of a “short-term disruption” and will be “temporary.”
In interviews with CNBC, experts explained why future crude oil prices may actually be much higher than the market is currently predicting. Head of investment at BRI Wealth Management Toni Meadows explained to CNBC that right now, “the market thinks this current uplift in the oil price is transitory.” Katy Stoves, investment manager at Mattioli Woods, attributed this to people “expecting sort of a reduction in hostilities,” a possibility President Donald Trump has hinted at repeatedly. But, Stoves warned, “Even if we do get a resolution, I think it’s very, very important to note that there’s been a lot of energy infrastructure destroyed during this, and even if we do get some sort of ceasefire … repairing those facilities, bringing those facilities back online is going to take time — and I’m not entirely sure the market is probably pricing that in.” [CNBC, 3/26/26; Axios, 3/30/26]
Chevron CEO Mike Wirth also expressed concern to CNBC that chaos caused by the closure of the Strait of Hormuz may not yet be “fully priced into the futures curves on oil.” According to CNBC, Wirth suggested that because “the market is trading on ‘scant information’ and ‘perception’ … The physical supply of oil is tighter than the futures contracts suggest.” [CNBC, 3/23/26]…”