Oil Prices Plummets

Oil was down 5% today and is now priced below the level it was on the day the Iran War started. That’s a dramatic turnaround, and precisely what President Trump expected and desired. Wall Street Journal:

The U.S. oil benchmark fell to around $70 a barrel on Wednesday, a roughly 27% drop from early June, quickly approaching the $67.02 where it settled the session before the conflict began. By comparison, the average price of a gallon of gasoline has dropped by less than 4% since the deal was reached. (Wall Street Journal.)

Now that oil is gushing out of the Gulf, traders are breathing a sigh of relief.

But gasoline prices are taking longer to fall. That is how markets work, but Trump isn’t buying that the slow retreat of gas prices is entirely market-driven.

President Trump called out the oil companies directly.

Watch gas prices start to crash along with oil now. https://t.co/lAKZcdAh12

— Commentary Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) June 25, 2026

President Trump is pulling from a familiar Democratic playbook as he wrestles with sticky gasoline prices: blaming Big Oil. During the U.S. war against Iran, Trump repeatedly promised that prices at the pump would fall quickly once the conflict ended. But 10 days after he announced an agreement with Iran, the price of a gallon of gasoline still hovers around $3.93—nearly $1 higher than before the hostilities broke out. Now, Trump is accusing his own oil allies of gouging consumers. Late Tuesday, Trump said on Truth Social that big oil companies aren’t dropping their price at the pump in a way that is commensurate with the sharply lower prices they are paying for crude—and he has instructed the Justice Department to investigate. “Customers are being ‘gouged,’” he wrote. “Gasoline prices better start going down a lot faster than what I’m seeing!” (Wall Street Journal.) Oil companies are the villains everybody loves to hate.