March 16, 2026
US oil CEOs warn Trump administration that energy crisis likely to worsen, WSJ reports
Exxon, Chevron and ConocoPhillips CEOs warn US officials that disruption to energy flows through Strait of Hormuz could continue driving volatility in global oil markets
Chief executives of major U.S. oil companies warned officials of U.S. President Donald Trump's administration that the energy crisis triggered by the Iran war is likely to get worse, The Wall Street Journal reported on Sunday, citing people familiar with the matter.
The CEOs of Exxon, Chevron and ConocoPhillips warned in a series of White House meetings last Wednesday and in recent conversations with Energy Secretary Chris Wright and Interior Secretary Doug Burgum that the disruption to energy flows through the vital Strait of Hormuz waterway would continue to create volatility in global energy markets, the report said.
Oil prices slipped on Monday, paring early gains after U.S. President Donald Trump called on other countries to help safeguard the Strait of Hormuz, a vital artery for global oil and gas shipments.
Brent crude futures fell 24 cents, or 0.23%, to $102.90 a barrel by 0049 GMT after settling $2.68 higher on Friday.
U.S. West Texas Intermediate crude slipped $1.07, or 1.08%, to $97.64 a barrel, after gaining nearly $3 in the previous session.
Both contracts have surged more than 40% this month to their highest levels since 2022 after the U.S.-Israeli attacks on Iran prompted Tehran to halt shipping through the Strait of Hormuz - choking off a fifth of global oil supply in the biggest disruption ever.
President Trump said on Sunday he is demanding that other countries help protect the critical energy gateway, adding that Washington is in talks with several nations about policing it. lane.
The U.S. is also in contact with Iran, Trump said, but expressed doubt that Tehran is prepared for serious negotiations to end the conflict.
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