Chevron Corp. signaled a clear willingness to broaden its Middle East presence despite the Iran‑driven market shock, CEO Mike Wirth told attendees at the Bloomberg Energy Security Executive Briefing in Houston on Friday. The company currently derives roughly 5% of its worldwide output from the region, far below rivals that source a fifth or more of production there.

Wirth noted that partner proposals have improved as the conflict drags on, giving Chevron more leverage to negotiate joint ventures or acreage deals. He contrasted the modest share with peers that count the Middle East for 20% or more of their barrels, suggesting any incremental gain could significantly meaningfully lift the oil major’s margins amid volatile pricing.

U.S. Energy Secretary Chris Wright later reported that roughly 7 million barrels per day continue to flow through the Strait of Hormuz, about half of the volumes stranded at the conflict’s outset, while alternative ports absorb the balance. The brief hinted that Washington expects to keep the waterway open regardless of Tehran’s cooperation, a signal that supply disruptions may recede and crude prices could stabilise.