NEW YORK, March 16. /TASS/. American oil companies have warned the White House of the risk of a worsening global energy crisis amid the conflict in the Middle East if free navigation in the Strait of Hormuz is not restored, The Wall Street Journal (WSJ) reported, citing sources.

Last week, US Energy Secretary Chris Wright and Interior Secretary Doug Burgum held a series of meetings at the White House with CEOs of American oil companies Exxon Mobil, Chevron, and ConocoPhillips, according to sources. The heads of companies warned that "the disruption to energy flows out of the vital Strait of Hormuz waterway would continue to create volatility in global energy markets," according to the publication. Exxon CEO Darren Woods suggested that oil prices could rise past current elevated levels and the shortage of petroleum products would increase if speculators suddenly raised prices.

US authorities hope to reach an agreement with oil companies to increase oil imports from Venezuela amid the global energy crisis, the newspaper said. Burgum said the Washington administration has been "working around the clock" with energy companies to stabilize global energy markets. However, oil industry representatives fear that the only way out of the crisis is to restore shipping through the Strait of Hormuz.