The leadership from Exxon Mobil, Chevron, ConocoPhillips and other major oil companies met with Energy Secretary Chris Wright and Interior Secretary Doug Burgum, highlighting concerns about the Iran war and the impact on oil prices. The Wall Street Journal reports that the continued closure of the Strait of Hormuz could cause fuel shortages. The volatility in the oil markets could also increase speculation in the trade and push prices even higher. Potential solutions include the use of the Strategic Petroleum Reserve, further easing of sanctions on Russian oil and expanding oil trade with Venezuela.
