President Donald Trump met with top executives from Chevron and other energy companies on Tuesday to review potential actions to ease pressure on oil markets should the blockade of Iranian ports extend for months, a White House official said on Wednesday.
The administration-level discussion examined a range of energy issues, including U.S. oil production, the mechanics of oil futures, shipping arrangements and natural gas, the official said. According to the White House official, participants spoke about the measures the president has implemented to date and options for sustaining the current blockade for an extended period while reducing effects on American consumers.
"They discussed the steps President Trump has taken to alleviate global oil markets and steps we could take to continue the current blockade for months if needed and minimize impact on American consumers," the White House official said.
Chevron confirmed that CEO Mike Wirth attended the meeting to engage on global oil market developments, which the White House attributed to disruption stemming from the U.S.-Israeli conflict with Iran. Other attendees included Vice President JD Vance, Treasury Secretary Scott Bessent, White House Chief of Staff Susie Wiles, special envoy Steve Witkoff and Jared Kushner, the president's son-in-law. The initial report of the meeting was first made public by Axios.
Participants emphasized the administration's view that recent measures have aimed to ease market strains, but oil prices remained elevated. The White House official quoted executives as saying the president "is doing all the right things right now" with respect to oil markets.
Policy and market actions reviewed
The meeting reviewed several recent policy choices intended to increase flexibility in domestic supply chains and global reserves. Last week the administration granted a 90-day waiver extension to the Jones Act, temporarily permitting foreign-flagged vessels to transport commodities such as oil products and fertilizer between U.S. ports. The administration has also invoked the Defense Production Act this month, authorizing the Department of Defense and the Department of Energy to take actions - including purchases - aimed at expanding domestic energy availability in an effort to lower consumer prices.
Alongside these domestic measures, the United States agreed to loan 172 million barrels from the Strategic Petroleum Reserve. That loan forms part of a broader International Energy Agency agreement to release 400 million barrels from global stockpiles, an amount the article notes is roughly equivalent to four days of global oil consumption.
Market reaction and electoral context
Despite the measures discussed and implemented, oil benchmarks have climbed. The Brent international crude benchmark surpassed $115 per barrel on Wednesday, marking a one-month high, according to the article. High fuel costs are highlighted as a political risk for Republican candidates ahead of the midterm congressional elections in November.
White House spokesperson Anna Kelly, when asked about the possibility of a prolonged Iranian blockade, emphasized that President Trump retains all options to pursue a deal that would prevent Iran from acquiring a nuclear weapon, but that he prefers diplomacy. Kelly also stated that the successful blockade grants the United States maximum leverage over the regime and that the president will only accept a deal that safeguards national security.
Ongoing engagement with the energy sector
The White House official said the president meets regularly with energy executives to gather feedback on both domestic and global energy market developments. The administration may consider further steps to reduce fuel prices, including potential relaxation of pollution regulations at refineries. It has already eased anti-smog rules for summer gasoline as part of these efforts.
While the meeting covered a range of policy levers and market tools, the article records no new commitments beyond those described and does not provide a timeline for any additional actions the administration might take.