US oil corporations have warned the administration of President Donald Trump about the possible deterioration of the situation in the energy market, sources say, reports The Wall Street Journal (WSJ).

The respective meeting between US officials and businessmen took place last week at the White House, but Trump did not attend it.

The heads of ExxonMobil, Chevron, and ConocoPhillips have warned that disruptions to shipping in the Strait of Hormuz will continue to create instability in the energy market.

ExxonMobil CEO Darren Woods said that oil prices could rise even higher than current record levels if speculators suddenly start raising prices amid reduced deliveries. In addition to delivery disruptions, the market could face a severe shortage of oil products.

Increased oil production within the US will be limited and cannot replace the 10 million barrels per day of oil currently blocked in the Strait of Hormuz, through which about 20% of the world's oil passes, the WSJ adds.