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Scoop: Trump huddles with oil execs as Iran stalemate drags on
April 29, 2026
Posted 1 hour ago by
President Trump and top lieutenants met with oil and gas execs at the White House on Tuesday to discuss the energy fallout of the Iran war and other topics, Axios has learned.Why it matters: The unprecedented Middle East supply disruption is boosting commodity prices and creating a mix of opportunity and peril for the industry.Driving the news: Among the attendees was Chevron CEO Mike Wirth, a company spokesperson confirmed.White House chief of staff Susie Wiles, Treasury Secretary Scott Bessent, and envoys Steve Witkoff and Jared Kushner were on hand, per a source familiar with the meeting.The big picture: The president meets with energy executives frequently to get their feedback on domestic and international energy markets, a White House official told us.Topics included domestic production, progress in Venezuela, oil futures, natural gas and shipping, the official said.What we're watching: Trump and Capitol Hill Republicans are bracing for the political fallout of high U.S.
gasoline prices, which are tethered to crude oil prices set on global markets now facing a historic loss of supply.Average U.S. gasoline prices were 4.18 per gallon on Tuesday, per AAA. That's the most expensive since the war began and the highest since 2022.The White House has taken steps to ease the price surge, such as waiving the Jones Act, which requires U.S.-built and -owned ships to move goods between domestic ports.But it faces limited options to ease the market shock.Zoom out: Uncertainty weighs on companies, and if prices stay high enough for long enough, it will cut into oil demand in the U.S. and abroad.The de facto closing of the Strait of Hormuz, which handles about a fourth of the world's seaborne oil, has sent prices to multiyear highs.But throttled supply from the region is also boosting the market for U.S. oil and liquefied natural gas exports.
Axios
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