The President of the United States, Donald Trump, stated in the early hours of this Wednesday (24) that he directed the Department of Justice to investigate what he called abusive pricing practices by large oil companies.
“Big oil companies are not reducing prices at the pump commensurate with the sharp drop in prices they are paying for oil,” Trump wrote in Truth Social.
“These prices are dropping like a stone! In other words, consumers are being exploited,” said the American president.
A barrel of Brent oil, an international reference, fell to less than US$77 this Wednesday, while WTI (West Texas Intermediate) oil, a reference in the United States, was also trading below US$73. The drop comes amid relief in markets after the United States and Iran signed a memorandum of understanding to work towards an end to the war.
“They need to start falling much faster than I see!” Trump added in the post.
As shown by CNNrelated to Iranian oil and monitored the maintenance of the flow of vessels through the Strait of Hormuz, a strategic route for the global transportation of the commodity.
Brent oil for September, traded on the London Intercontinental Exchange (ICE), up 0.93% (US$0.72), at US$76.80 per barrel.
Diverging statements between U.S. and Iranian officials on ongoing negotiations between the two countries saw oil briefly hover near stability before resuming declines on supply concerns.
