Global oil prices fall to lowest level since before US-Iran war

Global oil prices have plummeted to their lowest levels since before the US-Iran conflict began in late February 2026, driven by a recent ceasefire agreement and the reopening of the Strait of Hormuz. Brent crude has fallen below $75 per barrel, while West Texas Intermediate dropped below $70, easing concerns over supply disruptions in the vital waterway.

This significant reduction in crude oil costs has prompted political backlash in the United States. President Donald Trump has publicly accused major oil companies of price gouging, asserting that they are failing to pass on the sharply lower crude prices to consumers at the gasoline pump.

In response to these allegations, President Trump has instructed the Department of Justice to initiate an immediate investigation into the oil companies.