Executives from major US oil companies have warned the Trump administration that the energy crisis sparked by the war with Iran could worsen, the Wall Street Journal reported. Disruptions in the Strait of Hormuz are fueling high market volatility and raising fears of a sustained surge in crude prices.
Leaders from Exxon Mobil, Chevron, and ConocoPhillips delivered an alarming message to Trump administration officials during White House meetings and discussions with Energy Secretary Chris Wright and Interior Secretary Doug Burgum. According to WSJ sources, they believe that traffic disruptions in the Strait of Hormuz will continue to fuel instability in global energy markets.
Exxon CEO Darren Woods warned that oil prices could climb even further beyond their already high levels if speculators react aggressively, potentially leading to a shortage of refined products. The heads of Chevron and ConocoPhillips shared similar concerns. Donald Trump was not present at these meetings. The spot price of US light crude (WTI) has risen from $65.20 before the outbreak of hostilities in Iran to $98.25 this morning (+46%).
Several Scenarios Under Review to Counter Rising Prices
In response to the crisis, the White House is studying several options to curb price increases: further easing sanctions on Russian oil, conducting a massive release from strategic reserves, or facilitating crude flows between US ports. The administration is also exploring an increase in oil trade with Venezuela. However, many in the industry believe that these measures will not be enough. They say that only the reopening of the Strait of Hormuz would enable long-term market stabilization.
Donald Trump is aware of this: he has called on allies to secure the strait alongside the United States. Furthermore, Axios reports that the White House is considering taking control of Kharg Island to seize Iran's primary oil terminal.
Exxon Mobil Corporation is an oil group organized around 3 areas of activity:
- refining and distribution (75.5% of net sales): 5.6 million barrels of oil products (diesel fuel, gasoline, fuel oil, lubricants, motor oils, etc.) sold per day in 2025;
- petrochemical (12.3%): primarily oils, aromas, alcohols, ethylene, elastomers, propylene, and polymers (21.3 Mt sold in 2025) for the pharmaceutical, cosmetic, textile, electrical, etc.
- exploration and production of hydrocarbons (12.2%; worldwide leader): 3.3 million barrels of oil produced per day and 239.1 million m3 of natural gas produced per day.
Net sales are distributed geographically as follows: the United States (42.5%), Canada (8.4%) and other (49.1%).
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