"Energy crisis sparked by the Iran war set to worsen"…U.S. oil industry warns the Trump administration

Chief executive officers (CEOs) of major U.S. oil companies have reportedly warned the Trump administration that the global energy crisis triggered by the Iran war could intensify further.

According to The Wall Street Journal (WSJ) on the 15th (local time), in recent talks with Energy Secretary Chris Wright and Interior Secretary Doug Burgum, as well as at a meeting held at the White House, executives from Exxon Mobil, Chevron and ConocoPhillips said disruptions to energy supplies through the Strait of Hormuz would fuel volatility in global markets for the time being.

Exxon Mobil CEO Darren Woods warned that "if speculative buying flows in depending on market conditions, international oil prices could rise further from current levels." He also reportedly raised the possibility of shortages in refined products.

Chevron CEO Mike Wirth and ConocoPhillips CEO Ryan Lance also reportedly conveyed concerns about the scale of supply disruptions stemming from the situation.

President Donald Trump did not attend the meeting. Meanwhile, U.S. crude prices, which were around $87 a barrel when the meeting took place, rose afterward to about $99 by Friday.

The White House is reviewing various measures to stabilize oil prices. Discussions reportedly include easing sanctions on Russian crude, a large-scale release of strategic petroleum reserves, and loosening regulations that restrict crude shipments between U.S. ports. A plan to expand crude supply between Venezuela and the United States is also under consideration.

Meanwhile, Interior Secretary Burgum said the government is "working with energy companies 24 hours a day" to stabilize global energy markets, and the Energy Department also said it will continue pushing steps to minimize supply disruptions.