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Over recent months, oil prices have swung dramatically in response to on-again, off-again fighting and repeated White House statements that an end to the war was near, though those prices have largely remained elevated over pre-war levels. Mike Wirth, chairman and CEO of Chevron, touted the company's performance under circumstances marked by "geopolitical uncertainty and market volatility." "Chevron's people remain focused on safely delivering reliable energy the world needs," Wirth said in the company's most recent earnings report. "Our strong second quarter is a result of disciplined investment and strong execution that drove record U.S. upstream production, record crude throughput in our U.S. refineries, and exceptional reliability across key assets." The start of the Iran war prompted Iran's effective closure of the Strait of Hormuz , a critical waterway that facilitates the transport of about one-fifth of the global oil supply.