Trump meets energy executives as Strait of Hormuz closure drives gas prices higher
Updated
Updated · The Washington Post · May 2
Trump meets energy executives as Strait of Hormuz closure drives gas prices higher
10 articles · Updated · The Washington Post · May 2
US average gasoline hit a wartime high of $4.39 a gallon on Friday, up more than 30 cents in a week, as the conflict entered its 10th week.
Treasury Secretary Scott Bessent hosted Tuesday's White House meeting with JD Vance and Susie Wiles, as officials weighed next steps after releasing 172 million SPR barrels and other limited measures.
Polls show 44% of Americans are driving less and 34% changing travel plans. Analysts say only a durable deal with Iran reopening the strait can meaningfully ease prices.
How does the UAE’s historic OPEC exit reshape the global response to the ongoing oil supply crisis?
As experts warn of a multi-year recovery, is the global economy prepared for permanently higher energy costs?
With global supply chains broken, will a food crisis follow long after the Strait of Hormuz reopens?
U.S. Naval Blockade of Strait of Hormuz Drives Global Energy Crisis and Economic Turmoil in 2026
Overview
In response to the U.S.-Israeli military conflict, Iran closed the Strait of Hormuz, cutting off 20% of the world's oil supply and triggering a surge in global oil prices. On April 28, 2026, President Trump ordered a naval blockade of the Strait to pressure Iran into nuclear concessions, further escalating energy market disruptions. This blockade, combined with the closure, caused U.S. gas prices to spike to $4.03 per gallon, straining American households and fueling global inflation. Supply chain disruptions, including steel export bans and helium shortages, worsened inflation and threatened food security worldwide. Diplomatic efforts stalled amid mutual distrust, while Gulf states sought vulnerable pipeline alternatives. The crisis accelerated shifts toward diversified and fragmented global energy markets.