Trump to meet US oil execs as Iran war keeps price high

US President Donald Trump plans to meet with oil refining executives on Tuesday in an effort to address the soaring gas prices caused by the ongoing Iran war, according to the White House. The discussions will take place at the White House the same day President Trump announced a major deal to acquire a significant stake in Venezuela's oil reserves, which were previously under the control of President Nicolas Maduro.

The White House noted that the meeting aims to explore strategies to boost refining capacity, strengthen American energy dominance, and ultimately reduce fuel costs for American citizens. White House spokeswoman Taylor Rogers explained that the meeting is particularly relevant as the flow of Venezuelan crude to US refineries is being increased.

While the White House did not disclose the list of companies participating in the meeting, it stated that the gathering will comprise a diverse range of small, medium, and large refiners and distributors. Trump highlighted the importance of the Venezuelan oil deal, calling it the largest in history, and claimed it would result in majority US control over 65 billion barrels of proven Venezuelan petroleum reserves.

Venezuela holds the largest proven oil reserves worldwide. The US ousted and captured the long-standing ruler, Nicolas Maduro, in January. Recent tensions between the US and Iran escalated on Sunday, with both nations exchanging fire for the first time in a month, as the war entered its sixth month. The conflict has resulted in Iran maintaining the closure of the Strait of Hormuz and the US enforcing a naval counter-blockade of Iran.