Trump met with oil firms on possible months-long extension of Iran blockade

By Timothy Gardner

WASHINGTON, April 29 (Reuters) - U.S. President Donald Trump met with top officials from Chevron CVX.N and other energy companies on Tuesday to talk about possible steps to calm oil markets if the blockade of Iranian ports continues for months, a White House official said on Wednesday.

The talks focused on U.S. oil production, oil futures, shipping and natural gas, the official said.

"They discussed the steps President Trump has taken to alleviate global oil markets and steps we could take to continue the current blockade for months if needed and minimize impact on American consumers," the White House official said.

Chevron's spokesperson said CEO Mike Wirth attended the meeting to discuss global oil markets, which have been roiled by the U.S.-Israeli war with Iran.

Vice President JD Vance, Treasury Secretary Scott Bessent, Trump's Chief of Staff Susie Wiles, special envoy Steve Witkoff and Trump's son-in-law Jared Kushner were also at the meeting, which was first reported by Axios.

High oil prices are a risk for Trump's fellow Republicans ahead of the midterm congressional elections in November.

Anna Kelly, a White House spokesperson, asked about the potential for an extended Iran blockade, said Trump has every option to work toward a deal that ensures Iran never gets a nuclear weapon, but that he prefers diplomacy.

"Thanks to the successful blockade of Iranian ports, the United States has maximum leverage over the regime, and the President will only accept a deal that protects the national security of our country," Kelly said in a statement.

PRICE RISE

The moves have done little to dampen oil prices, with the Brent international oil benchmark hitting more than $115 a barrel, a one-month high, on Wednesday.

The executives said Trump "is doing all the right things right now," on oil markets, the White House official said.

The Trump administration last week granted a 90-day waiver extension to a shipping law called the Jones Act to allow foreign-flagged vessels to move commodities such as oil products and fertilizer between U.S. ports.

The administration this month has also invoked the Defense Production Act, authorizing the Pentagon and the Department of Energy to take actions, including purchases to expand domestic energy in an attempt to lower prices for consumers.

The U.S. also agreed to loan 172 million barrels of oil from the Strategic Petroleum Reserve as part of a wider agreement with the International Energy Agency to release 400 million barrels, or about the amount the world uses in four days, from global stockpiles.

Trump meets regularly with energy executives to get their feedback on domestic and global energy markets, the White House official said.

The administration could take additional steps, including relaxing pollution regulations at refineries, to try to lower fuel prices. It has already eased anti-smog rules for summer gasoline.