Oil prices fell again, continuing to edge closer to where they were before the Iran war started in late February. More ships crossed the Strait of Hormuz while U.S.-Iran talks on a permanent end to the Iran war continued to make progress.
Still, while vessel crossings in the strait increased in recent days, they remained well below prewar levels, they noted.
Brent crude, the international standard, fell $1.59 to $75.21 a barrel. It has been trading below $80 in recent days but is still elevated compared with the approximately $70 per barrel in late February before the war began.
Benchmark U.S. crude fell $1.67 to $71.54 a barrel. It was around $67 a barrel before the war.
Early Wednesday, President Donald Trump said the Justice Department will investigate oil companies for price gouging
Trump said on social media that gasoline prices are not matching the decline in oil prices, so he has told the Justice Department “to immediately start looking into this.”
Crude oil prices have eased with the interim deal with Iran, which has enabled more oil tankers to start passing through the Strait of Hormuz. Prices at the pump are averaging $3.93 a gallon, according to AAA. Gasoline costs have fallen over the past month, just not as much as Trump would like.
“In other words, customers are being ‘gouged,’” Trump posted. “I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!”
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