Oil execs warn Trump of price rise as Hormuz shutdown

Oil industry executives have warned the Trump administration that global energy prices are poised to surge in the coming weeks due to critically low inventories, a direct consequence of the prolonged closure of the Strait of Hormuz. The disruption, now in its third month following military strikes by the United States and Israel against Iran, represents the largest-ever halt to global crude oil flows.

Multiple executives, speaking anonymously to discuss private conversations, said they have raised alarms with senior administration officials about dangerously low fuel storage levels. One executive stated that inventories are already at a critical point, warning of a potential price spike by mid-to-late June. Public data from the U.S. Energy Information Administration shows U.S. commercial petroleum inventories have fallen by 52 million barrels since the conflict began, with crude stocks declining for eight consecutive weeks.

The White House has denied receiving private warnings about inventory levels. A spokesperson said anonymous sources making such claims are wrong, and a Department of Energy official stated there have been no such discussions. The administration maintains it...