Trump orders probe as oil prices stay high

U.S. President Donald Trump expressed his dissatisfaction with oil prices not falling fast enough in his country as he authorized a probe into this situation.

"The big oil companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for oil. <…> I have instructed the DOJ (Department of Justice to immediately start looking into this," Trump wrote on his page on Truth Social.

Earlier, Trump claimed that around 19 million barrels of oil exited the Strait of Hormuz on June 22.

The price of futures contracts of Brent crude oil for August 2026 delivery on London’s ICE has fallen below $76 per barrel for the first time since March 2, 2026, according to trade data.

As of 6:01 a.m. Moscow time (3:01 a.m. GMT), the Brent price was down by 1.48% at $75.94 a barrel. By 6:06 a.m. Moscow time (3:06 a.m. GMT), the price of Brent had narrowed losses to 1.1% reaching $76.23 per barrel.

Meanwhile the price of futures contracts of WTI crude oil for August 2026 delivery was down by 2.07% at $72.33 per barrel.