Chevron CEO: Oil markets are well-supplied despite recent U.S.-Iran tensions

Chevron Corp Chief Executive Michael Wirth told CNBC that the oil markets remain well-supplied despite recent escalation of tensions between the U.S. and Iran after the death of Iran’s military commander Qassem Soleimani in a U.S. air strike.

“Fundamentally supply and demand remain where they were before these incidents,” Wirth said in the interview.

“We haven’t seen anything that’s actually changed that,” Wirth said. “They see the geopolitical risk, but we’ve been in a well supplied market, and that’s what the general view continues to be.”