Key Points
- Petroleum prices decreased more than 1% Wednesday following progress in US-Iran diplomatic negotiations and increased Strait of Hormuz vessel traffic
- Maritime crossings through the critical waterway increased from 32 to 93 vessels weekly, reducing worldwide supply anxieties
- National fuel costs average $3.93 per gallon, declining from $4.02 the previous week yet remaining approximately $1 higher than pre-conflict rates
- The president accused petroleum corporations of price manipulation and directed the Department of Justice toward potential investigation
- Macquarie reduced its 2026 WTI projection to $77 per barrel from the previous $89 estimate
The president is applying direct public pressure on petroleum corporations to accelerate consumer price reductions, warning of potential Department of Justice scrutiny into alleged price manipulation practices.
In a post to Truth Social just after midnight, the president stated that energy companies were failing to transfer declining crude costs to consumers purchasing fuel.
“Gasoline prices better start going down a lot faster than what I’m seeing,” Trump wrote.
Consumer Fuel Costs Decreasing Gradually
AAA reported the nationwide average fuel cost at $3.93 per gallon Wednesday. This represents a reduction from $4.02 the prior week and falls below the $4.50 maximum recorded last month during Iran’s Strait of Hormuz blockade that drove crude costs significantly upward.
Consumer costs dropped beneath the $4 per gallon threshold for the first time since March’s conclusion last Thursday. Nevertheless, current prices remain nearly one dollar elevated compared to pre-war baseline figures.
Trump made numerous campaign promises that fuel expenses would decline dramatically following the conflict’s resolution. The temporary peace agreement received signatures last week.
Whether the Department of Justice has initiated formal investigative proceedings or identified specific target companies remains uncertain.
Petroleum Markets Decline as Hormuz Passage Normalizes
Global oil prices maintained their downward trajectory Wednesday. Brent crude futures declined over 1.8% reaching $75.65 per barrel. West Texas Intermediate decreased 1.2% to $72.31 per barrel.
Brent crude achieved its lowest settlement Tuesday since the Iran conflict’s commencement.
The decline corresponds with substantial increases in maritime traffic navigating the Strait of Hormuz, which typically facilitates approximately 20% of global daily petroleum transport.
Maritime intelligence provider Kpler reported total strait crossings escalated from 32 vessels during June 12ā14 to 93 vessels between June 19ā21.
Iran declared last week that the strategic waterway would remain accessible to all commercial shipping without toll charges under peace agreement provisions. The accord additionally grants Iran sanctions relief enabling international oil market participation.
Market Analysts Adjust Petroleum Projections Downward
Macquarie analysts revised their average WTI price projection for 2026 downward to $77 per barrel from the previous $89 forecast.
Strategist Peter Taylor indicated the petroleum market could achieve equilibrium more rapidly than current consensus expectations now that Hormuz operates without restrictions.
Taylor noted that alternative trade corridors established during the crisis period may result in enhanced global oil supply chain adaptability moving forward.
GasBuddy’s petroleum analysis director stated last month that although Hormuz’s reopening would trigger price reductions within days, consumer fuel costs might require numerous months to return to pre-conflict levels.
Bloomberg energy columnist Javier Blas commented on the president’s social media statement, suggesting Trump had “just discovered the refining and marketing margin.”
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