US oil executives warn Trump that energy crisis could worsen, WSJ reports

U.S. oil industry executives warned Donald Trump's administration that the energy crisis triggered by the war with Iran could worsen as disruptions in the Strait of Hormuz continue to strain global fuel supplies, the Wall Street Journal reported on Sunday.

In a series of meetings at the White House last week, executives from major energy firms cautioned officials that instability in the vital shipping route could drive oil prices higher and lead to shortages of refined fuels, according to the report, citing people familiar with the matter.

Chief executives from Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), and ConocoPhillips (NYSE:COP) told officials that the conflict and tanker disruptions around the waterway could keep markets volatile.

Exxon CEO Darren Woods warned that crude prices could climb further if traders bid up markets amid tightening supplies, while Chevron chief Mike Wirth and ConocoPhillips head Ryan Lance also raised concerns over the scale of the disruption, the report said.

The report said the administration is considering several measures to ease prices, including easing sanctions on Russian oil, releasing emergency crude reserves, and boosting flows from Venezuela.

However, industry executives warned that reopening the Strait of Hormuz may be the only lasting solution to stabilise global energy markets, the report added.