Exxon Mobil, Chevron, and ConocoPhillips CEOs warned the Trump administration that the global energy crisis could intensify.
The executives cautioned that disruptions in the Strait of Hormuz threaten a channel carrying one-fifth of the world’s oil supply.
Exxon CEO Darren Woods stated that speculative trading may spike prices and cause shortages of gasoline and diesel.
Industry leaders told officials that reopening the waterway is the only permanent solution to prevent prolonged economic damage.
The group noted that releasing strategic reserves will not replace the need for restored shipping access.