Trump huddles with oil execs as Iran stalemate drags on

• White House chief of employees Susie Wiles, Treasury Secretary Scott Bessent, and envoys Steve Witkoff and Jared Kushner had been on hand, per a supply acquainted with the assembly.

The huge image: “The president meets with energy executives frequently to get their feedback on domestic and international energy markets,” a White House official advised us.

• Topics included home manufacturing, progress in Venezuela, oil futures, pure gasoline and delivery, the official stated.

What we’re watching: Trump and Capitol Hill Republicans are bracing for the political fallout of excessive US gasoline costs, that are tethered to crude oil costs set on international markets now going through a historic lack of provide.

• Average US gasoline costs had been $4.18 per gallon on Tuesday, per AAA. That’s the costliest because the conflict started and the very best since 2022.
• The White House has taken steps to ease the value surge, such as waiving the Jones Act, which requires US-built and -owned ships to maneuver items between home ports.

• But it faces restricted choices to ease the market shock.

Zoom out: Uncertainty weighs on corporations, and if costs keep excessive sufficient for lengthy sufficient, it can reduce into oil demand within the US and overseas.

• The de facto closing of the Strait of Hormuz, which handles a few fourth of the world’s seaborne oil, has despatched costs to multiyear highs.
• But throttled provide from the area can be boosting the marketplace for US oil and liquefied pure gasoline exports.