On March 11, 2026, executives from ExxonMobil and Chevron informed US President Donald Trump during a meeting at the White House about the risks of a global energy crisis. According to The Wall Street Journal, the primary threat identified is the blockage of the Strait of Hormuz by Iran amid an escalating military conflict.
ExxonMobil CEO Darren Woods pointed out that the combination of price volatility and a shortage of oil products would lead to a sharp increase in gasoline prices. He added that releasing strategic reserves might not be sufficient to overcome fuel shortages.
Industry representatives believe the only solution is to unblock transportation routes, which would require ending the joint US-Israeli operation in Iran. Due to supply disruptions, American refineries are already facing technological challenges.
Retail fuel prices in the United States are rising, having already surpassed $5 per gallon in California. In response to the crisis situation, Donald Trump has decided to temporarily lift sanctions on Russian oil.
However, some market participants doubt that these measures will stabilize global prices in the long term. Representatives of the oil sector claim that the regulatory tools available to the administration are inadequate to compensate for large-scale disruptions in supply through key maritime chokepoints.
