Trump to meet US oil executives as Iran war keeps fuel prices high

U.S. President Donald Trump is scheduled to meet with oil refining executives on Tuesday in an effort to address rising fuel prices caused by the Iran war, according to the White House. The discussions take place as Trump recently announced a deal granting the U.S. majority control over 65 billion barrels of proven Venezuelan petroleum reserves.

The talks also come in the wake of Trump's assertion that high fuel prices have significantly increased the cost of living for ordinary Americans, potentially impacting his party's performance in the upcoming midterm elections. White House spokeswoman Taylor Rogers stated that the president will meet with industry leaders to explore methods for increasing refining capacity, expanding American energy dominance, and lowering prices for the public.

The meeting is particularly relevant as the U.S. is set to increase Venezuelan crude oil deliveries to refineries. While the White House has not disclosed the list of companies expected to attend, it will comprise a diverse range of small, medium, and large refiners and distributors. Trump announced the Venezuelan oil deal on Friday, emphasizing that it would provide "majority U.S. control" of the reserves.

The United States and Iran have been engaged in a conflict since June, with Iran blocking the strategic Strait of Hormuz and the U.S. maintaining a naval counter-blockade.