Executives from Exxon, Chevron and ConocoPhillips cautioned the Trump administration that disruptions in the Strait of Hormuz could prolong the energy crisis.
Global benchmark Brent and WTI crude briefly crossed $119 per barrel, with markets remaining volatile amid the West Asia conflict.
The White House is weighing measures including releasing strategic reserves and easing sanctions on Russia to stabilise global oil supplies.
Major US oil executives have warned US President Donald Trump’s administration that the energy crisis due to the ongoing war in Iran is likely to worsen, a Wall Street Journal report said. In a series of White House meetings last week, Energy Secretary Chris Wright and Interior Secretary Doug Burgum, along with the chief executive officers of Exxon Mobil, Chevron and ConocoPhillips, warned that disruptions to global energy trade in the Strait of Hormuz would continue to contribute to volatility in global energy markets.
Exxon CEO Darren Woods said oil prices could rise beyond the current surge if speculators unexpectedly bid up prices, and markets could see a supply crunch of refined products. The military attack on Iran by the US and Israel has sent global crude oil markets skyrocketing, with benchmark West Texas Intermediate and Brent hitting multi-year highs, breaching $119 per barrel.
2 March 2026
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Though prices have pared some gains, volatility in crude markets due to the West Asia conflict remains highly uncertain. On Saturday, Trump also hinted at further attacks on Iran, signalling no signs of easing or a conflict resolution in the near term.
Chevron CEO Mike Wirth and ConocoPhillips CEO Ryan Lance also expressed concerns about the scale of disruption, the report, citing sources, said. The White House, in an effort to curb excess volatility, has considered several measures including easing sanctions on Russia to keep oil flowing into global markets and releasing emergency energy reserves.
According to the report, the Trump administration has also told oil chiefs that it hopes to increase the flow of oil between Venezuela and the US. Energy Department spokesperson Ben Dietderich said Wright and the Trump administration would continue to take prompt measures to limit disruptions to energy supplies.
“We do crisis management exercises…the big one has always been something in the Middle East that shuts the Strait of Hormuz,” Chevron’s Wirth said. “Markets are very uncomfortable, uncertain, volatile and unpredictable.”
The report also cited several oil executives bracing for a prolonged period of relatively higher crude oil prices, which could boost profits in the short term but ultimately hurt the industry and the broader economy.
Relatively high crude prices—above $100 per barrel—could benefit producers in the short term but would hurt consumers in the long run, compelling them to reduce fuel dependence. This could eventually trigger a fall in crude prices. However, such a decline would also lead to reduced production, cost cuts, and potential layoffs. Investors have also been pressuring producers to keep spending in check rather than chase higher oil prices, the WSJ report said.
