Trump to meet refiners, fuel retailers as Iran war boosts gas prices ahead of midterms, sources say

Attendees of the meeting are expected to include refiners like Valero Energy Corp VLO.N, Marathon Petroleum Corporation MPC.N and PBF Energy Inc PBF.N, along with major retailers, according to two sources familiar with the plans.

The biggest U.S. oil companies and refiners reported strong second-quarter earnings as the Iran war disrupted global energy markets and tightened supplies of gasoline and other refined products.

Those results have drawn criticism from Trump, who has argued that oil companies benefiting from higher prices should do more to bring down costs for consumers. Trump has publicly pressed major producers and refiners to lower prices.

The conflict has pushed up oil and gasoline prices by disrupting energy flows through the Strait of Hormuz, through which 20% of the world's oil flowed before the war that began on February 28. U.S. regular gasoline has been above $4 a gallon, roughly $1 more than a year ago, creating an especially visible economic burden for voters heading into the midterms.

Oil prices surged as high as $112 a barrel earlier in the conflict, although crude has since retreated as shipping through the strait has partially resumed.

President Donald Trump is expected to meet with U.S. refiners and fuel retailers next week to highlight efforts to lower gasoline prices, as his administration seeks to ease pressure on consumers from the Iran war ahead of November's congressional midterm elections, people familiar with the matter said.