The attack on Saudi oil facilities will not have much impact on U.S. oil production in the short term but is a wake-up call to dangers in the oil market, Chevron (NYSE:CVX) CEO Michael Wirth told CNBC.
"Perhaps the market had grown a little bit comfortable with risks that we never became comfortable with," Wirth said on CNBC's Closing Bell. "These events demonstrate that those risks are real."
But the fundamental macro backdrop has not changed and long-term supply dynamics probably have not changed, the CEO said, adding it is far too early to raise capital spending plans in response to higher crude prices.
CVX historically has been the top performing Dow stock after crude oil surges, according to a CNBC analysis; shares finished +2.2% in today's trade.
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