2 - Aug. 9, 2026 Aditya Raghunath, Mon, August 3, 2026 at 6:17 PM EDT, from The Street Chevron is looking at a way to move oil out of the Middle East without ever touching the Strait of Hormuz. CEO Mike Wirth confirmed the energy behemoth is studying a cross-border pipeline concept that would carry crude north through Iraq, then on to either Syria or Turkey, before reaching the Mediterranean Sea. The idea shows how seriously the industry is treating a chokepoint that has rattled global energy markets for most of 2026. The plan surfaced during Chevron's (CVX) second-quarter earnings call on July 31, when Wirth answered a question about the company's growing footprint in Iraq. It builds on comments Wirth made weeks earlier at the Bernstein Strategic Decisions Conference, where he laid out just how exposed the world's oil supply is to a single waterway. Strait of Hormuz key for Chevron stock The Strait of Hormuz is one of the most important shipping lanes on the planet. Roughly 20% of the world's oil and 20% of its liquefied natural gas typically pass through it. "The world uses in round numbers about 100 million barrels of oil a day," said Wirth, explaining the math in blunt terms at the Bernstein conference in May. "Twenty percent of that typically flows through the Strait of Hormuz," he added. When conflict disrupted the region earlier this year, that flow did not stop completely. Some barrels moved around it through the Red Sea or the port of Fujairah. But the world still lost an estimated 12 million to 13 million barrels a day of supply, according to Wirth. That kind of disruption is precisely what a new pipeline route would help avoid. The Iraq pipeline concept, explained Chevron has been deepening its relationship with Iraq's government this year. The company is advancing toward operating West Qurna 2 and Nasiriyah, two fields with massive resource potential that LUKOIL stepped away from. On the July earnings call, Wirth described a pipeline framework tied to that entry.