CoinMeta data: Chevron CEO Mike Wirth indicates that although the crude oil price on screen is $105, in the Asian market, the actual price is closer to $150. He pointed out that transportation risks and a reduction in supply buffers have distorted the crude oil market. Wirth warned at the Energy Intelligence Forum in London that as the conflict in the Middle East enters its eighth month, global oil and fuel reserves are becoming increasingly weak. The price of Brent crude oil futures does not reflect all the costs required to deliver the specific crude oil; Asian buyers also have to bear the costs of freight, insurance, regional premiums, and dealing with disrupted shipping routes. Due to attacks on oil tankers in the Strait of Hormuz, related costs have risen significantly. Crude oil flows through the Strait of Hormuz have decreased by about 27%, to 10.1 million barrels per day, although alternative routes through the Gulf of Oman and the Red Sea have helped maintain overall Middle Eastern exports at pre-war levels. Wirth also mentioned that global commercial oil inventories have fallen below 6 billion barrels, with only about 10% of the inventories available for use at any time during the disruptions.