The United States could extend its naval blockade of Iran for months more, oil executives were told in a meeting with US President Donald Trump, a White House official said on Wednesday.
Participants at a White House meeting, which took place on Tuesday and was first reported by Axios, 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 minimise impact on American consumers," said the official, speaking on condition of anonymity.
"The President meets with energy executives frequently to get their feedback on domestic and international energy markets," the official said, with topics including "domestic production, progress in Venezuela, oil futures, natural gas, and shipping."
Treasury Secretary Scott Bessent was "host of the meeting," the official said, adding that Vice President JD Vance and Chief of Staff Susie Wiles also joined.
US oil giant Chevron confirmed that its CEO, Mike Wirth, participated in the meeting.
Growing tensions over Hormuz blockade
Iran's state-run Press TV network said on Wednesday, citing an unnamed "high-ranking security source" that if the US maintains its blockade of Iran's ports and Iranian vessels, it will draw "practical and unprecedented military action" in response.
The network said Iranian leaders' "patience has limits" and if the blockade continues, "a punishing response is necessary."
"The longer the conflict persists and the Strait of Hormuz remains disrupted, the more pronounced the inflationary pressures are likely to become," said Anna Macdonald, investment strategy director at Hargreaves Lansdown.
Fears of prolonged blockade
Oil prices spiked sharply after a report that Trump had told national security officials to prepare for a long blockade of Iran's ports and the Strait of Hormuz.
At around 1335 GMT, a barrel of Brent crude for June delivery was up 5.16 percent at $117, its highest level since the fragile ceasefire between the United States and Iran came into effect.
The benchmark US oil contract, West Texas Intermediate, for delivery in the same month, gained 4.85 percent to reach $104.78, following a report in The Wall Street Journal.
