American Petroleum Institute CEO Mike Sommers discusses the national average price of diesel at $5.28 per liter, oil prices and the impact of the Strait of Hormuz closure on operations in ‘Varney & Co.’
Energy stars at the CERAWeek conference in Houston are sounding the alarm, warning that the US-Israel conflict with Iran is causing long-term damage to the global economy.
While the White House’s energy chief has sought to ease concerns, executives at oil giants such as TotalEnergies, Chevron, Abu Dhabi’s ADNOC and Vitol Americas have expressed concern about long-term instability linked to Iran.
“The result is not just higher energy prices. It will damage other supply chains,” said TotalEnergies CEO Patrick Pouyanne, according to Reuters.
“This raises the cost of living for those who can’t afford it and slows economic growth everywhere. From factories to farms to families around the world, human costs are rising by the day,” said ADNOC CEO Sultan Al Jaber.
INSIDE CHEVRON’S ANALYSIS FACILITY HITS VENEZUELAN UNDEVELOPED AFTER MADURO’S DEPOSIT
“It’s going to take time to get out of this,” Chevron CEO Mike Wirth said on a conference call Monday, while Vitol Americas’ Ben Marshall warned of “severe” demand destruction if benchmark Brent crude eventually hits $120 a barrel.
Iran’s national flag flies over the Persian Gulf Star Co. gas condensate refinery. (PGSPC) in Bandar Abbas, Iran. (Getty Images)
The US benchmark for oil prices, West Texas Intermediate (WTI) crude, was trading around $91.74 per barrel shortly before the market opened on Tuesday, up about 4% from its previous close. WTI hit a 52-week high of $113.41 a barrel late last week, according to market data.
US Energy Secretary Chris Wright joined FOX Business’ Lauren Simonetti on “Varney & Co.” Monday to discuss how a potential deal with Iran could help reopen the Strait of Hormuz and stabilize oil prices after weeks of disruption.
“They were going to go down a little bit. If we see a way to open the Strait of Hormuz soon and energy flows again, you’re going to see energy prices go down a lot,” Wright said.
US Energy Secretary Chris Wright joins FOX Business’ Lauren Simonetti to discuss how a potential peace deal with Iran could reopen critical oil routes and bring relief to Americans facing rising gas prices.
“That is possible if a peace agreement is reached,” continued Wright. “If Iran thinks enough is enough, and is willing to make a deal… then there will be a deal.”
US Ambassador to the United Nations Mike Waltz said the Trump administration is working to blunt the rise in oil prices by allowing the sale of Iranian crude already at sea, a move he described as turning Tehran’s strategy against it.
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The ‘Kudlow’ panel discusses the US decision to suspend sanctions on some Iranian oil as energy prices rise and blue-chip states push for tax hikes.
Secretary of the Treasury Scott Bessent first he explained the waysaying the administration could temporarily increase sanctions on the estimated 140 million barrels of Iranian oil loaded in tanks, adding to global market availability rather than directly intervening in oil futures markets.
President Donald Trump has opened the door to negotiations with Iran, allowing a five-day window for talks to end the conflict this week. The temporary ceasefire began on Tuesday even amid reports that the US and Israel are escalating other aspects of the war against Tehran.
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FOX Business’ Arabella Bennett and Fox News’ Taylor Penley contributed to this report.
