Top American oil executives have warned the Donald Trump administration that the energy crisis caused by the US and Israel's attack on Iran will certainly deepen in the coming days.
The disruptions at the Strait of Hormuz may continue to fuel volatility in global energy markets, executives from Exxon Mobil, Chevron, and ConocoPhillips told senior officials, including US energy secretary Chris Wright and interior secretary Doug Burgum, according to the Wall Street Journal.
Exxon Mobil CEO Darren Woods warned that oil prices could climb further due to supply concerns and traders wagering on future shortages. He also cautioned about a probable shortage of refined items like gasoline and diesel.The Strait of Hormuz is one of the world's most significant oil transportation routes, and any disruption to ships going through it produces instability in global petroleum supplies and pricing.
Chevron CEO Mike Wirth and ConocoPhillips CEO Ryan Lance both told US officials that the disruption is significant and serious, and that it will not be resolved quickly. Oil prices have climbed dramatically, from around $87 per barrel to $99 per barrel in just a few days.
Speaking to reporters onboard Air Force One, Trump predicted that oil prices will decrease dramatically once the crisis was over. "Oil prices will come tumbling down once it is over, and it will be over pretty quickly," according to him.

Rising oil costs were not a major problem because the United States was the world's top oil producer, and higher prices benefited American oil firms, he said.
Elevation Resources' CEO, Steven Pruett, stated, "The world does not need $120 oil. "It will destroy the economy."
Trump stated on Monday that the Strait of Hormuz should be protected by multiple countries, including China, which relies heavily on it for oil shipments.I am demanding that these countries step in and defend their own territory, since it is theirs. This is where they receive their energy. And they should come and help us protect it," Trump stated.

He asserted that over 90% of China's oil passes through this route, while the US only relies on it for 1 to 2% of its supplies. "Why are we maintaining the Hormuz Strait while China and many other countries benefit from it? Why aren't they doing it?" he continued.