WSJ: US oil executives warn of worsening energy crisis amid Iran war

American oil executives have warned US officials that the energy crisis triggered by the ongoing war with Iran is likely to intensify, raising concerns over global market stability.

In a series of White House meetings on March 11 and subsequent discussions with Energy Secretary Chris Wright and Interior Secretary Doug Burgum, the CEOs of Exxon Mobil, Chevron, and ConocoPhillips cautioned that disruptions to energy flows through the strategic Strait of Hormuz could continue to drive volatility in global oil markets, according to sources familiar with the discussions speaking to the Wall Street Journal.

Exxon CEO Darren Woods said that oil prices could climb further if speculators push markets higher and that a potential shortage of refined products could emerge. Chevron CEO Mike Wirth and ConocoPhillips CEO Ryan Lance echoed concerns about the scale of the disruption.

President Trump did not attend the March 11 meetings. U.S. oil prices have risen from $87 per barrel on the day of the meetings to $99 per barrel by March 13.

A senior administration official acknowledged that prices are expected to continue rising, adding that there are limited immediate options. The Pentagon has reportedly indicated that the strait could be reopened, but the administration hopes to resolve the situation within weeks rather than months.

By Sabina Mammadli