US President Donald Trump met with oil and gas executives at the White House to discuss the Iran war’s energy fallout.
ISTANBUL: US President Donald Trump met with oil and gas executives at the White House on Tuesday to discuss the energy fallout of the Iran war, Anadolu Ajansi reported, citing Axios.
Chevron chief executive officer (CEO) Mike Wirth was among the attendees, the report said. White House chief of staff Susie Wiles, Treasury Secretary Scott Bessent, and envoys Steve Witkoff and Jared Kushner were also present.
“The president meets with energy executives frequently to get their feedback on domestic and international energy markets,” a White House official told Axios.
The topics discussed during the meeting included domestic production, progress in Venezuela, oil futures, natural gas and shipping, according to the report.
Trump is “bracing for the political fallout of high US gasoline prices”, the report said, as the average US gasoline price climbed to US$4.18 per gallon on Tuesday, according to AAA, the most expensive since the war began.
Ongoing uncertainty is putting pressure on businesses, and if elevated prices persist, they could cut into oil demand in the US and abroad, the report said.
The closure of the Strait of Hormuz, through which roughly a quarter of the world’s seaborne oil passes, has pushed prices to levels not seen in years.
At the same time, reduced supply from the region is increasing the market for US oil and liquefied natural gas exports, the report added.
The US and Israel began strikes on Iran on Feb 28, prompting retaliation from Tehran against US allies in the Gulf and closing the Strait of Hormuz.
A ceasefire was announced on April 8, followed by talks in Pakistan on April 11, but an agreement could not be reached.
Trump later said the truce had been extended at Pakistan’s request, pending a proposal from Tehran.
Iran is said to have proposed to reopen the Strait of Hormuz while leaving questions about its nuclear programme for later negotiations.
