Trump meets oil executives as Iran stalemate drags on

US President Donald Trump huddled with oil and gas executives at the White House on Tuesday to discuss the fallout of the Iran war on energy markets, as well as a potential months-long blockade on the Strait of Hormuz.

Trump and the executives discussed "steps we could take to continue the current blockade for months if needed and minimize impact on American consumers," a White House official told Anadolu on Wednesday.

"The President meets with energy executives frequently to get their feedback on domestic and international energy markets — and they met yesterday," the official said in a statement.

Energy Secretary Scott Bessent, Chief of Staff Susie Wiles and Vice President JD Vance were all in attendance, according to the official.

In addition to addressing the potential for a prolonged US blockade on the Strait of Hormuz, the officials and executives addressed domestic energy production, "progress in Venezuela, oil futures, natural gas, and shipping," the White House official said.

The average price of gasoline in the US has continued to escalate as Trump imposes a blockade on the strait, climbing to $4.229 on Wednesday, according to the American Automobile Association.

That is the highest level since Trump joined Israel in launching the war against Iran on Feb. 28 with no indication that the trend will be soon reversed amid the ongoing stalemate.

Iran retaliated to the US-Israeli war by not just staging attacks on the US and Israel, but by closing the Strait of Hormuz, sending shockwaves through global energy markets. While Tehran had since eased its closure, Trump's decision to impose the blockade on ships transiting to or from Iranian ports prompted Tehran to resume operations targeting, and in some cases seizing, commercial vessels.

A ceasefire was announced on April 8, followed by talks in Pakistan on April 11, but an agreement to fully end the war has yet to be reached. Trump later said the truce had been extended at Pakistan’s request, pending a proposal from Tehran.

Iran is reported to have proposed the reopening of the Strait of Hormuz while deferring discussions over its nuclear program for later negotiations.