President Donald Trump met Tuesday at the White House with senior oil and gas executives and top administration officials to discuss ongoing disruptions in global energy markets, including tightening crude supply linked to instability in Middle East shipping routes, according to a new report.
Trump and senior aides held the meeting with energy industry leaders to assess the market impact of the Iran conflict, including pressure on oil flows, pricing and global supply conditions, Axios detailed in an exclusive report.
Senior White House officials included chief of staff Susie Wiles, Treasury Secretary Scott Bessent and presidential envoys Steve Witkoff and Jared Kushner, according to the outlet.
The discussions came as global oil markets remain volatile due to disruptions in the Strait of Hormuz. Even partial interruptions in the waterway have tightened supply conditions and contributed to higher benchmark prices.
Brent crude has kept moving higher over the past days, hitting $118 on Wednesday as traders continue to price in supply risk from the region and volatility spreading across global energy benchmarks. Those price increases have filtered into U.S. fuel markets, where gasoline costs have risen steadily in recent weeks.
The national average for regular gasoline reached about $4.18 per gallon this week, according to AAA data cited across multiple reports, marking the highest level since 2022.
Oil markets have also been affected by rising freight and insurance costs for tankers operating through Middle East shipping corridors, as shipping companies adjust to heightened risk and potential route disruptions.
A White House official told Axios the president regularly meets with energy executives to discuss both domestic production and global market conditions. Topics in Tuesday's meeting included oil futures, natural gas markets, U.S. production trends, developments in Venezuela and shipping constraints affecting supply chains.
Separately, the Trump administration has taken steps aimed at easing domestic distribution pressures, including a temporary waiver of the Jones Act, which governs maritime shipping between U.S. ports and requires U.S.-built and flagged vessels for domestic transport.
Prices are set to continue under pressure as Trump said on Wednesday he is maintaining the blockade of Iranian ports until a deal that addresses the U.S.'s concerns about the country's nuclear program is reached.
Speaking to Axios, Trump said he rejected an Iranian proposal to end the war and reopen the Strait of Hormuz without a nuclear deal. He said the ongoing blockade is "somewhat more effective than the bombing."
"They are choking like a stuffed pig. And it is going to be worse for them. They can't have a nuclear weapon," Trump said. "They want to settle. They don't want me to keep the blockade. I don't want to [lift the blockade], because I don't want them to have a nuclear weapon," he added.
Trump claimed that Tehran's oil storage facilities and pipelines are "getting close to exploding" because the country can't ship exports as a result of the blockade.
