Big Oil CEO fears war in the Middle East will spread, sending prices surging

The American oil industry is on high alert for an escalation of the violence in the Middle East that disrupts the flow of oil out of the region.

The American oil industry is on high alert for an escalation of the violence in the Middle East that disrupts the flow of oil out of the region. Mike Sommers, CEO of the American Petroleum Institute, worries there is a growing chance the crisis will intensify and derail oil supplies. “This should be a real concern, I think, to every American,” Sommers told CNN in an exclusive interview. “Oil tankers are being attacked by the Houthi rebels in the Red Sea. And what you’re seeing is a number of those oil tankers no longer traversing the Red Sea.” Sommers, who runs a powerful oil-and-gas trade group whose members include ExxonMobil, Chevron and Hess, also cited the potential for the Israel-Hamas war morphing into a regional conflict that endangers energy supplies. “If this situation in the Middle East continues to escalate,” Sommers said, “that will certainly have an effect on price.” Last month, BP halted shipments through the Red Sea, citing a “deteriorating security situation.” Attacks on vessels have only intensified since then, with Houthi rebels launching unmanned surface drones against commercial shipping lanes and US Navy helicopters sinking three Houthi boats and killing those aboard.