Chief executives of major US oil companies have warned officials in President Donald Trump’s administration that the global energy crisis triggered by the Iran war is likely to worsen.
The warning comes amid growing concerns over disruptions to oil and gas flows through the strategically vital Strait of Hormuz.
According to a report by The Wall Street Journal, the chief executives of ExxonMobil, Chevron, and ConocoPhillips cautioned US officials that the ongoing conflict involving Iran could further destabilize global energy markets.
The report, citing people familiar with the matter, said the oil industry leaders warned that the crisis triggered by the Iran war may deepen if disruptions to energy flows continue.
Reuters said it could not immediately verify the report.
The executives delivered their concerns during a series of White House meetings held last Wednesday. They also raised the issue in recent discussions with US Energy Secretary Chris Wright and Interior Secretary Doug Burgum, according to the report.
During these conversations, the CEOs stressed that instability around the Strait of Hormuz, one of the world’s most important oil shipping routes, remains a major threat to global energy supplies.
Hormuz disruption fueling market volatility
The oil executives warned that disruptions to energy flows through the Strait of Hormuz are likely to continue creating volatility in global energy markets.
The strategic waterway is a critical corridor for global energy shipments, and any prolonged disruption could worsen supply pressures worldwide.
They cautioned that continued instability in the region could trigger shortages of refined petroleum products, adding further strain to already tight global energy markets.
Reopening strait seen as critical
According to the report, the industry leaders emphasized that reopening the Strait of Hormuz would be crucial to avoiding broader economic consequences.
They warned that failure to stabilize the route could lead to wider economic fallout, particularly if the conflict involving Iran persists.
The executives also highlighted that restoring normal energy flows through the waterway would help ease volatility and stabilize global oil and fuel markets.
.jpg)
