Washington: The WTI crude price fell to $69 a barrel on Monday, prompting President Donald Trump to highlight the decline and call for lower US gasoline prices.
Trump said on Truth Social that West Texas Intermediate crude was “heading down.” He said the price was lower than before, calling it the start of Iran’s denuclearisation process.
In a separate post, Trump said gasoline prices were falling quickly. He also urged consumers to report any retail-level fuel pricing abuses.
The crude decline came as maritime tensions around the Strait of Hormuz eased. It said shipping lanes had resumed normal operations under a tentative 60-day ceasefire framework.
American Automobile Association AAA data showed average regular gasoline in the United States at $3.92 a gallon.
The report said that it was down from a wartime high of $4.56 in late May. However, it said pump prices remained about 70 cents higher than they were at the same time last year.
Read: Oil Prices Rise as Brent Hits $72.57 on Hormuz Risk
The White House had ordered the US Department of Justice last week to examine major domestic refiners regarding pump price reductions.
