Trump huddles with oil execs

President Trump spoke during a press conference in the Oval Office this week. He and his aides met with oil executives on Tuesday.Photo: Will Oliver/EPA/Bloomberg via Getty Images

The White House confirmed President Trump and his top aides met this week with oil and gas executives at the White House where discussions were held about the impact of extending the blockade against Iran.

What was not revealed was who exactly was among the oil leaders, although Axios reported Chevron CEO Mike Wirth was one of those in attendance. It is not known whether any Oklahoma oil executives were on hand for the meeting.

The talk focused on the war with Iran and how the blockade and Iran’s response in the Strait of Hormuz has restricted the flow of oil to the rest of the world. As the executives huddled with the President and other leaders, oil prices continued their rise.

Treasury Secretary Scott Bessent hosted the meeting while others, including Vice President Vance, White House chief of staff Susie Wiles and peace talk envoys Steve Witkoff and Jared Kushner were also on hand, confirmed a White House source familiar with the meeting.

Reports suggested the oil executives and administration leaders talked about “steps we could take to continued the current blockade for months if needed and minimize impact on American consumers.”

Another White House source explained, “The president meets with energy executives frequently to get their feedback on domestic and international energy markets.”

According to Reuters, White House spokesperson Anna Kelly was asked about the extended Iran Blockade and said the President has every option to work toward a deal that ensures Iran never gets a nuclear ​weapon, but that he prefers diplomacy.

“Thanks to the successful blockade of Iranian ports, the United States has maximum leverage over the regime, and the ‌President will ⁠only accept a deal that protects the national security of our country,” Kelly said in a statement.
Other topics included domestic production, progress in Venezuela, oil futures, natural gas and shipping.
Politically, the White House and Republicans on Capitol Hill are reported to be bracing for fallout of high U.S. gasoline prices, which shot up at the start of the war.
Oil prices rose again Wednesday, going up more than 5% in the morning, reaching $105.20 per barrel of West Texas Intermediate and $117.70 per barrel for Brent crude. Brent jumped more than $6 a barrel since late Tuesday.
Gasoline prices averaged $4.23 per gallon on Wednesday, reported AAA. It’s the highest average since the start of the war and also the highest since 2022. In an effort to lower prices, the President has waived the Jones Act, which requires U.S.-built and -owned ships to move goods between domestic ports.
Crude oil prices rose again this week in response to last weekend’s cancellation of peace talks between Iran and the U.S. Prices also rose as the closing of the Strait of Hormuz continued for another week, cutting into global demand for oil. The strait handles nearly one-fourth of the world’s seaborne oil.

One White House official said that the oil executives present at Tuesday’s meeting praised Trump’s actions on U.S. energy dominance, pointing to initiatives like the Jones Act and Defense Production Act.