White House Warned: Iran War Threatens Global Economy

Bessent discussed market reactions and U.S. economic trajectory with Trump, noting Asia and Europe were most vulnerable to rising energy prices. National Economic Council Director Kevin Hassett also advised on potential U.S. economic impacts.

JPMorgan Chase CEO Jamie Dimon stated a continued war would cause "significant ongoing oil and commodity price shocks, along with the reshaping of global supply chains, which may lead to stickier inflation and ultimately higher interest rates." CEOs of the three largest U.S. oil companies warned Energy Secretary Chris Wright and Interior Secretary Doug Burgum that a prolonged closure of the Strait of Hormuz, which carries 20% of the world’s daily oil and liquefied natural gas supplies, would sharply squeeze global fuel supply chains. Consumer prices rose 3.3% in March, oil prices exceeded $100 a barrel, and gasoline prices surpassed $4 a gallon.

Agriculture Secretary Brooke Rollins heard concerns from farm lobbyists, including American Soybean Association Chairman Caleb Ragland, about fertilizer price increases, as half of global urea and one-third of ammonia flow through the Strait. The administration, through White House spokesman Kush Desai, confirmed efforts to mitigate disruptions and increase production.