Oil prices fell to their lowest level in nearly four months Wednesday as concerns eased over potential disruptions in the Persian Gulf, but the drop at the pump hasn’t kept pace—drawing a sharp warning from President Trump.
International benchmark Brent crude fell 1.7% to $75.79 per barrel, its lowest since February 27, the day before the U.S. and Israeli-led war against Iran began. West Texas Intermediate crude dropped to $71.98 per barrel.
Trump Orders DOJ Investigation Into Gas Prices
President Trump took aim at oil companies Wednesday for failing to pass savings to drivers despite crude prices “dropping like a rock.”
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump wrote on Truth Social. “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!”
The Department of Justice has not yet responded to requests for comment on the president’s directive.
What’s Driving the Oil Price Drop
The decline comes as tensions appear to ease in the strategically vital Strait of Hormuz, through which roughly one-fifth of the world’s oil supply passes. Investors have been closely monitoring the waterway since hostilities between the U.S., Israel, and Iran erupted in late February.
For American families, the disconnect between falling crude prices and stubborn gas prices hits directly at household budgets already strained by inflation. While oil companies pay less for raw crude, drivers waiting at the pump haven’t seen proportional relief.
The gap between wholesale and retail prices represents a key pressure point for the administration as it seeks to demonstrate economic progress heading into the second half of 2026. Trump’s public warning signals the White House expects oil companies to move faster in translating lower crude costs into savings for consumers.
The coming weeks will reveal whether the president’s pressure campaign—and the threat of DOJ scrutiny—produces results at gas stations nationwide.
Key Points
- Brent crude hit $75.79, lowest since day before U.S.-Iran war started in February
- Trump directed DOJ to investigate oil companies for not cutting gas prices in line with crude
- Easing tensions in Strait of Hormuz reducing supply disruption fears
https://www.cnbc.com/2026/06/24/oil-prices-wti-brent-crude-trump-doj-gasoline-prices-strait-of-hormuz.html – June 24, 2026
