Trump Warns Oil Companies: “Gasoline Prices Better Start Going Down”

TLDR

• Oil prices fell over 1% on Wednesday as US-Iran peace talks progressed and Strait of Hormuz traffic surged
• Ship crossings through the Strait jumped from 32 to 93 in one week, easing global supply concerns
• US average gas prices sit at $3.93 per gallon, down from $4.02 last week but still nearly $1 above pre-war levels
• Trump accused oil companies of “gouging” customers and instructed the DOJ to investigate
• Macquarie cut its 2026 WTI price forecast to $77 a barrel, down from $89

Trump is publicly pressuring oil companies to cut gas prices faster, threatening a Department of Justice investigation into what he calls consumer “gouging.”

The president posted on Truth Social shortly after midnight, saying oil companies were not passing on falling crude prices to drivers at the pump.

Gas Prices Are Falling, But Slowly

The national average gas price stood at $3.93 per gallon on Wednesday, according to AAA. That is down from $4.02 last week and below the $4.50 peak hit last month when Iran’s blockade of the Strait of Hormuz pushed crude prices sharply higher.

Prices dipped below $4 per gallon for the first time since late March last Thursday. However, they remain close to a dollar above where they were before the Iran war started.

Trump had repeatedly promised that gas prices would fall sharply once the war ended. The interim peace deal was signed last week.

It is not clear whether the DOJ has formally opened a probe or which companies may be targeted.

Crude Prices Drop as Hormuz Traffic Recovers

Global oil prices continued to fall on Wednesday. Brent crude futures dropped more than 1.8% to $75.65 per barrel. West Texas Intermediate fell 1.2% to $72.31 per barrel.

Brent crude settled at its lowest price Tuesday since before the Iran war began.

The drop follows a sharp rise in ship traffic through the Strait of Hormuz, which normally handles about 20% of the world’s daily oil supply.

According to maritime intelligence firm Kpler, total crossings through the strait rose from 32 between June 12–14 to 93 between June 19–21.

Iran announced last week that the strait was open to all shipping for toll-free passage as part of the peace deal. The agreement also gives Iran a sanction waiver to sell its oil on the global market.

Analysts Revise Oil Forecasts Lower

Analysts at Macquarie lowered their average WTI price forecast for 2026 to $77 per barrel, down from $89.

Strategist Peter Taylor said the oil market could normalize faster than most expect now that Hormuz is unrestricted.

Taylor added that new trade routes set up during the conflict may leave the global oil supply chain more flexible than before.

GasBuddy’s head of petroleum analysis said last month that while Hormuz’s reopening would bring prices down within days, gas prices may not return to pre-war levels for many months.

Bloomberg energy columnist Javier Blas responded to Trump’s post on social media, saying the president had “just discovered the refining and marketing margin.”

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