Trump Slams US Oil Firms Over High Gas Prices Despite Falling Crude Costs

US President Donald Trump expressed his anger over US oil companies not bringing down the pump prices of gasoline despite paying a lower price for the oil.

In a Truth Social post, Trump said that customers are being "gouged" and that prices should start going down a lot faster than what he is seeing. Trump added that he has given instructions to the Department of Justice (DoJ) to look into the issue.

Trump's outburst comes in the backdrop of oil prices sliding, with the US WTI trading at around $72 and the global benchmark Brent around $75.6.

Oil prices have declined significantly from what they were at the peak of the conflict in West Asia.

The peace agreement between the US and Iran has brought peace to the turbulent region after nearly four months of fighting, and the completion of the first round of talks has inspired hope of a durable peace.

The lifting of US sanctions on Iranian oil and petrochemical exports also brought some respite to the energy markets.

The sanctions waiver means that the Iranian oil exports could resume and Tehran could get the payments in US dollars, making it easier for them to strike long-term contracts.

The closure of Strait of Hormuz brought turmoil to the global energy markets with dire predictions of crude oil touching as much as $200 if the conflict extended for a few more months.

High pump prices of gasoline have been the biggest worry for Trump and the Republicans as they head for the US mid-term elections.

Red-hot US inflation has brought front and centre the direct impact of the Iran war on US consumers as high prices led to household budgets shrinking and sentiment dropping.

The US Federal Reserve, under its new chief Kevin Warsh, also hinted in its June policy that it could go for a rate hike as inflation concerns mount. A key inflation gauge that the Federal Reserve tracks will be out this week and will be closely parsed for future trajectory.

(With inputs from ANI)