Oil prices fell below $71 per barrel after the U.S. temporarily eased sanctions on Iranian crude exports.
NEW YORK — Oil prices continued their recent decline Wednesday after the United States temporarily suspended long-standing sanctions on Iranian oil sales, fueling expectations of increased global supply and easing concerns about market disruptions.
West Texas Intermediate (WTI), the U.S. benchmark crude, fell 3.14% to $70.91 per barrel in early trading. Futures contracts for August delivery were down $2.30 from the previous session’s close as investors reacted to the prospect of additional Iranian oil entering global markets.
The latest decline extends a downward trend that has emerged in recent days as diplomatic efforts between Washington and Tehran show signs of progress. Analysts say the temporary sanctions relief could help stabilize energy markets by increasing available supply at a time when traders are closely monitoring geopolitical developments in the Middle East.
Adding to the discussion, President Donald Trump criticized major oil companies early Wednesday for failing to lower gasoline prices in line with the recent drop in crude oil prices.
“Big Oil is not lowering prices at the pump in proportion to the much lower prices they are paying for oil. Those prices are collapsing,” Trump wrote on Truth Social.
The president argued that consumers are not benefiting quickly enough from lower crude prices and said he has directed the Department of Justice to investigate the matter.
“You are taking advantage of consumers,” Trump said, adding that gasoline prices should be falling much faster than they currently are.
The comments come as policymakers and consumers alike watch for signs that lower oil prices will translate into relief at gas stations. While crude oil is a major component of fuel costs, retail gasoline prices are also influenced by refining, transportation, distribution and taxation expenses.
Market participants will continue monitoring developments surrounding U.S.-Iran negotiations and any potential changes in global oil supply, both of which could have significant implications for energy prices in the weeks ahead.
