Participants at a White House meeting, which took place Tuesday and was first reported by Axios, 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 minimise impact on American consumers,” said the official, speaking on condition of anonymity.

“The president meets with energy executives frequently to get their feedback on domestic and international energy markets,” the official said, with topics including “domestic production, progress in Venezuela, oil futures, natural gas, and shipping”.

Treasury secretary Scott Bessent was “host of the meeting”, the official said, adding that vice president JD Vance and chief of staff Susie Wiles also joined.

US oil giant Chevron confirmed to AFP that its CEO, Mike Wirth, participated in the meeting.

Global crude prices soared on Wednesday following media reports that Trump was considering an extended blockade of Iran, with Brent jumping above US$115 a barrel and US benchmark WTI nearing US$105.