President Donald Trump convened a high-level meeting with senior executives from the petroleum and energy sector at the White House, focusing primarily on the consequences of the war with Iran on global energy markets and the sharp rise in fuel prices.

Participants included senior government officials and key figures from the energy industry, among them Chevron CEO Mike Wirth, according to sources.

White House Chief of Staff Susie Wiles, Treasury Secretary Scott Bessent, and envoys Steve Witkoff and Jared Kushner were also in attendance.

A government official stated that the President holds regular meetings with industry leaders to maintain a clear picture of developments in both the domestic and international energy markets.

Discussions centered on domestic oil production, developments in Venezuela, futures contracts, natural gas, and maritime transport.

The timing is considered especially critical, as the Middle East conflict has triggered an unprecedented disruption in energy supply, driving commodity prices upward and creating a challenging environment for energy companies.

Worries about political repercussions

Meanwhile, the U.S. administration and Republicans in Congress are showing significant concern over the potential political cost of higher fuel prices. The national average gasoline price has climbed to $4.18 per gallon — the highest since 2022.

The White House has already implemented some measures to ease the pressure, such as removing restrictions on domestic fuel transportation. However, its options for intervention remain limited against a global market heavily influenced by geopolitical events.

The situation in the Strait of Hormuz is playing a crucial role. Roughly one quarter of the world’s seaborne oil trade passes through these waters, and restricted flows have driven prices to multi-year highs.

On the positive side, the reduced supply from the Middle East is creating new opportunities for the United States, increasing demand for American crude oil and liquefied natural gas (LNG).

Nevertheless, if high prices persist, they risk curbing demand both domestically and globally, weighing on economic activity and heightening uncertainty in the energy markets.