Politico: US oil industry warns Donald Trump of potential price spike

Representatives of the US oil industry have warned President Donald Trump's administration about a possible sharp increase in oil prices in the coming weeks amid declining crude oil inventories.

According to Politico, cited by Report, such warnings have been sent in recent weeks to officials in the US administration, including members of the Cabinet.

Oil industry concerns are linked to assessments suggesting that the market is increasingly relying on oil and petroleum products from storage due to the halt in supplies from the Middle East.

According to the head of one oil company, crude inventories are already at dangerously low levels. Sources cited by Politico do not rule out that prices could rise as early as the second half of June.

However, a White House spokesperson told the publication that the information from its sources is not accurate.