President Donald Trump convened oil and gas executives Tuesday at the White House to address energy market disruptions caused by the Iran war and related issues.
The unprecedented supply disruption in the Middle East is simultaneously creating opportunities and challenges for the energy industry. Axios reported that Chevron CEO Mike Wirth attended the meeting alongside White House chief of staff Susie Wiles, Treasury Secretary Scott Bessent and presidential envoys Steve Witkoff and Jared Kushner.
"The president meets with energy executives frequently to get their feedback on domestic and international energy markets," a White House official told the outlet.
The meeting reflects growing political concerns about gasoline prices. Average U.S. prices reached $4.18 per gallon Tuesday — the highest since the war began and the most expensive since 2022. Trump and congressional Republicans face electoral pressure as voters confront elevated fuel costs heading into midterm elections.
The White House has implemented limited relief measures, including waiving the Jones Act requirement that U.S.-built and -owned vessels transport goods between domestic ports. However, options for addressing the market shock remain constrained.
The de facto closure of the Strait of Hormuz, which handles approximately 25 percent of global seaborne oil, has driven crude prices to multiyear highs. This supply disruption creates conflicting market dynamics, and sustained price elevation could dampen oil demand domestically and internationally, pressuring company revenues. Conversely, reduced regional supplies boost demand for U.S. oil and liquefied natural gas exports, presenting profit opportunities.
Market uncertainty persists as companies assess whether elevated prices will persist long-term or moderate as geopolitical tensions ease. The administration's limited policy tools to address commodity price inflation underscore the constraints presidents face when confronting global energy market disruptions driven by military conflict.