Shell CEO Warns Iran Conflict Could Cripple Fuel Supplies Before Oil -- WSJ

Dow Jones03-24

By Collin Eaton

The world's supply of fuel is tightening in South Asia and will soon get squeezed in Northeast Asia, with Europe set to begin seeing shortfalls in April due to the Iran war, Shell CEO Wael Sawan said.

Shell has alerted governments to discuss various levers they can pull to decrease demand, purchase supplies and utilize stored stockpiles of fuel, Sawan said Tuesday at the S&P Global CERAWeek energy conference in Houston.

"If you look through the slate, jet fuel is already being impacted. Diesel will be next to come," Sawan said. "After that will be gasoline, and of course you're moving into summer season, which is typically driving season in the northern hemisphere." Supplies of those products--which must be processed in an oil refinery from raw crude oil--are arguably more threatened than oil supplies. U.S. oil traded around $91 a barrel Tuesday.

Last week, an Iranian missile strike hit Shell's Pearl gas-to-liquids facility in Qatar, knocking out one of the U.K. oil giant's crown-jewel assets. Sawan said there were no injuries in the attack and that the site is secure.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

March 24, 2026 11:25 ET (15:25 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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