Chevron CEO Mike Wirth said the oil-market buffers that restrained crude prices early in the Iran war have been exhausted, leaving prices more exposed to gains in the coming months. Countries released crude stockpiles after the conflict began in late February, while the United States lifted restrictions on oil held on tankers from sanctioned countries, but Wirth said those supply cushions had been used up. U.S. diesel prices crossed $6 per gallon for the first time as the war and Ukrainian drone strikes on Russian refining capacity tightened fuel supplies, while Brent crude futures pointed to an 8% weekly gain. The International Energy Agency said global oil inventories fell by 95 million barrels in August, bringing cumulative declines since the war began to 507 million barrels. Wirth said Chevron has faced fewer disruptions near the Black Sea after the Trump administration engaged Ukraine over strikes on Russian oil infrastructure. Chevron operates Kazakhstan's Tengiz oilfield and holds an interest in the Caspian Pipeline Consortium. The company plans to fund a $7 billion expansion in Venezuela through cash generated by its three existing joint ventures, targeting production of roughly 600,000 barrels a day by 2031.