Oil prices fell about 4% Wednesday as tankers continued to transit the Strait of Hormuz, raising hopes that the worst of the Middle East supply disruption is over.
West Texas Intermediate futures hit a session low of $69.63 U.S. per barrel, the first time the contract has fallen below $70 since March 2. WTI was last trading down 4% at $70.22 per barrel.
Brent crude futures, the international benchmark, fell 4.2% to $73.83 U.S. per barrel, notching its lowest level since before the U.S. and Israel launched airstrikes against Iran on Feb. 28.
U.S. President Donald Trump on Wednesday criticized oil companies for not lowering gasoline prices in line with the recent decline in crude prices.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock!,” Trump wrote in a Truth Social post.
“In other words, customers are being “gouged.” 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!,” he added.
One expert described the post as “political theater,” noting “that’s not really how gasoline prices work in the U.S.”
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