Trump met with oil and gas executives as Iran war drags on, prices surge

As the Iran war drags on and gas prices hit their highest level in four years, the White House confirmed that President Donald Trump and some of his top administration officials met Tuesday with oil and gas executives.

According to a White House official, executives discussed many topics, including "steps we could take to continue the current blockade for months if needed and minimize impact on American consumers."

Trump has repeatedly said he would not end the U.S. naval blockade of the Strait of Hormuz until the Iranian regime agrees on a peace proposal that addresses their nuclear capabilities.

The president told Axios on Wednesday that he rejected an offer from Iran that would end the naval blockade without a nuclear agreement.

The stalemate in negotiations comes as Trump canceled a second round of talks in Pakistan this past weekend, saying he didn't "see the point" of sending his top negotiators, including special envoy Steve Witkoff and his son-in-law Jared Kushner.

Meanwhile, the war's significant impacts on the global economy continue.

Americans are now paying on average $4.23 a gallon for gas. That's up $1.29 -- or 44% -- since the start of the war. These prices are also the highest they've been since Russia invaded Ukraine in 2022.

The meeting of oil executives at the White House on Tuesday, first reported by Axios, was hosted by Treasury Secretary Scott Bessent. Attendees included Vice President JD Vance and White House chief of staff Susie Wiles.

During the meeting, executives discussed other topics including domestic production, progress in Venezuela, oil futures, natural gas, and shipping, according to a White House official.

The official also claimed the executives "said the president is doing all the right things right now" including his move earlier this month to invoke wartime authority under the Defense Production Act to try to push for more oil and gas and extending a Jones Act waiver for 90 days to allow foreign-flagged ships to transport goods between U.S. ports.

The White House downplayed the meeting as routine and stressed it was a positive discussion, saying Trump "meets with energy executives frequently" to get their feedback on domestic and international energy markets.

Just last week, President Trump seemed to brush off concerns about rising gas prices, telling a reporter in the Oval Office on April 23 that Americans should anticipate higher prices "for a little while."

But higher costs come with political risk for the president, particularly as Republicans aim to hold on to their narrow majorities in Congress in the November elections.

Four polls released in the past week found that Americans are deeply unhappy with the state of the national economy and say it is getting worse. Voters reported trying to cut back elsewhere to make up for the higher costs they are paying for gas and food.

Jessica Woods, who co-owns a small independent grocery store in Washington, D.C., told ABC News Correspondent Elizabeth Schulze that the increases are taking a dramatic toll on her business.

"We've noticed that we're getting increased charges with every delivery that we receive. We get six, seven deliveries per day, and more and more of those deliveries come with an associated fuel charge," Woods said.

She said that she receives big truck deliveries from national distributors twice a week with fuel charges rising to as much as $55 per delivery.

"There are definitely months where we're not making a profit at all, and particularly with the fresh stuff that we love having around. There's also not much margin for error, but you have to sell what's in stock,” Woods said.

Asked if she was bracing for even higher prices in the months ahead, Woods said she "definitely" is.