00:00It's Benzinga bringing Wall Street to Main Street
00:02American oil executives warned Trump administration officials that the energy crisis triggered
00:07by the Iran war could worsen as attacks near the Strait of Hormuz disrupt global oil flows,
00:12according to The Wall Street Journal.
00:14During White House meetings and discussions with Energy Secretary Chris Wright and Interior
00:19Secretary Doug Burgum, Exxon, Chevron, and ConocoPhillips executives said continued disruption
00:26could drive volatility and push oil prices higher.
00:28U.S. oil prices rose from $87 a barrel on Wednesday to $99 a barrel on Friday.
00:35Officials are considering easing sanctions on Russian oil, releasing 400 million barrels
00:40from emergency reserves, and expanding crude flows between U.S. ports.
00:45Industry leaders said domestic production increases would likely remain modest and cannot replace
00:50the 9 million to 10 million barrels of daily oil supply analysts say are trapped behind
00:55the Strait of Hormuz.
00:56For all things money, visit Benzinga.com.
00:59For all things money, visit Benzinga.com.
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