How CEOs are grappling with the greatest energy shock ever

In today’s CEO Daily: Diane Brady reports on energy CEOs’ reactions to the war in Iran.

The big leadership story: The knock-on effect of Mark Zuckerberg’s AI sidekick.

The markets: Mixed globally as uncertainty hangs over the Iran war

Plus: All the news and watercooler chat from Fortune.

Good morning. Energy leaders from around the world are in Houston right now for the annual CERAWeek gathering, organized by S&P Global. A major theme, of course, is the effective closure of the Strait of Hormuz, which has cut off 20% of the world’s crude oil and liquefied natural gas, creating the greatest global energy supply shock ever.

As Fortune’s Energy Editor Jordan Blum reports from Houston, Chevron CEO Mike Wirth believes oil prices may be too low. As Wirth told attendees: “There are very real physical manifestations of the closure of the Strait of Hormuz that are working their way around the world through the system that I don’t think are fully priced in.”

Indeed, hard-hit Asian countries are trying to stockpile and conserve energy through work-from-home efforts, school closures, and more. The war is also crippling supplies of helium and fertilizer, hurting chipmakers and farmers alike. (Stocks and even Bitcoin rallied Monday on news of possible peace talks.)

A number of Middle Eastern leaders are not in Houston this week because of the conflict: Saudi Aramco CEO Amin Nasser withdrew while others are participating virtually.........

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