Senior executives from three major US oil companies have warned President Donald Trump that the global energy crisis triggered by the conflict with Iran could worsen, according to reports.
The chief executives of Exxon, Chevron and ConocoPhillips told the White House during meetings on Wednesday that disruption in the Strait of Hormuz is likely to continue affecting global energy markets, the Wall Street Journal reported.
The warning comes as governments and energy agencies attempt to stabilise oil supplies following sharp price increases since the start of the war.
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Concerns over Hormuz disruption
The Strait of Hormuz, a narrow shipping route between Iran and Oman, is one of the world’s most important oil transit corridors.
A large share of global crude shipments normally passes through the waterway, making any disruption a major concern for international markets.
According to reports, the oil company executives told US officials that continued instability in the region could prolong supply disruptions and keep energy prices elevated.
Oil prices have already surged significantly since fighting began, raising fears of wider economic consequences.
Emergency reserves released
In response to the rising prices, more than 400 million barrels of oil from emergency reserves held by the International Energy Agency are expected to be released.
The move is intended to ease pressure on global markets and provide additional supply while the conflict continues.
Energy analysts have warned that prolonged disruption to shipping routes could still keep markets volatile despite the release of strategic reserves.
Iran rejects ceasefire claims
Meanwhile, Iran has denied that it has sought a ceasefire or negotiations with the United States.
Foreign Minister Abbas Araghchi said Tehran had not requested talks and intended to continue fighting.
“We never asked for a ceasefire, and we have never asked even for negotiation,” he said in an interview with CBS News.
His comments contradict earlier claims by Trump that Iran had asked for a ceasefire but that the United States was not prepared to agree because the proposed terms were unacceptable.
Conflict enters third week
The conflict has intensified in recent days as military operations continue.
Israel launched what it described as “wide-scale” strikes against Iranian targets on Saturday night as the war entered its third week.
The continuing fighting and the uncertainty around shipping routes in the Gulf have added to concerns about global oil supply and the potential for further increases in energy prices.
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Adapted by ASEAN Now · Source · 15.March 2026