Shea Levin — text status

U.S. oil executives warn the global fuel crisis feared from the prolonged closure of the Strait of Hormuz has now arrived, as inventories shrink and strategic reserves near their limits. Chevron CEO Mike Wirth said many of the buffers that initially protected markets have been exhausted, the Wall Street Journal reports. The pressure worsened after drone attacks largely knocked Saudi Arabia’s East-West Pipeline offline, removing an estimated 2.5 million barrels per day from the market. The Trump administration says the disruption is temporary.