Executives from ExxonMobil, Chevron and ConocoPhillips caution the White House that the Iran war and continued instability in the Strait of Hormuz could intensify the global energy crisis and push oil prices higher.
Top oil industry leaders have warned the administration of US President Donald Trump that the ongoing disruption in the Strait of Hormuz could deepen the global fuel crunch in the coming days as tensions linked to the Iran conflict continue to rattle energy markets.
According to a report by The Wall Street Journal, senior executives from major American oil companies—including ExxonMobil, Chevron and ConocoPhillips—raised concerns during a series of meetings with senior US officials about escalating volatility in global energy markets.
The discussions took place during meetings at the White House and in conversations with Energy Secretary Chris Wright and Interior Secretary Doug Burgum, where oil executives highlighted growing risks to global fuel supply chains.
ExxonMobil CEO Darren Woods reportedly warned officials that crude oil prices could rise beyond current elevated levels if speculation intensifies amid continued uncertainty around shipping routes through the Strait of Hormuz.
The strategic waterway between Iran and Oman remains one of the most critical energy chokepoints in the world, with nearly 20 per cent of global oil exports passing through the narrow channel.
Speaking to reporters aboard Air Force One, President Donald Trump said the United States was exploring the possibility of forming an international coalition to escort vessels navigating the Strait of Hormuz.
“We’re talking to countries about policing the straits because they are the ones—you know, we don’t get oil, very little, about 1 per cent,” Trump said. “China, as an example, gets about 90 per cent of its oil from the Hormuz Strait. It would be nice to have other countries policing with us.”
Trump added that countries heavily dependent on Middle Eastern oil should take responsibility for safeguarding shipping routes through the critical waterway.
“I’m demanding that these countries come in and protect their own territory because it is their own territory,” he said.
More than 20 million barrels of crude oil pass through the Strait of Hormuz every day, accounting for roughly one-fifth of global oil consumption and nearly a quarter of the world’s seaborne oil trade. A large share of global liquefied natural gas shipments also moves through the same corridor.
Any prolonged disruption in the strait could trigger major volatility in energy markets, push fuel prices higher, and strain supply chains across the global economy.
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