Chevron CEO Mike Wirth said in a Sunday interview that “upward pressure” on oil prices amid the U.S. conflict in Iran is “likely to continue,” as the war stretches into its second full month. “We’re in a period where there’s been significant supply taken out of the system, and we are facing this upward pressure on prices and volatility that is manifest itself thus far and likely to continue,” Wirth told CBS News’s Margaret Brennan on “Face the Nation.” Amid the war, shipping traffic in the Strait of Hormuz, a key waterway for the oil industry, has been restricted . In turn, global oil prices have surged since the onset of the conflict, which began in late February. The U.S. instituted a naval blockade in the the passageway, blocking Iranian ports, earlier this month. Meanwhile, on Friday, the Treasury Department unveiled new sanctions on a Chinese oil refinery and multiple shipping firms and vessels, attempting to disrupt Iranian oil exports.…