U.S. President Donald Trump, in a social media post targeting oil companies, ordered an immediate reduction in retail gasoline prices. Trump specifically targeted Chevron CEO Mike Wirth, criticizing him for failing to appreciate the support his administration has provided to the oil industry.
In a post on Truth Social, Trump said, "Wirth forgot to say that without the genius, foresight, strength and stability of the Trump Administration, the oil industry and the country would be dead." Addressing Chevron and other companies, the president said, "Lower your Consumer (retail!) Oil Prices IMMEDIATELY."
The call came as Brent crude fell 5 percent on Monday to $82.91 a barrel. The drop followed Trump's announcement that a deal with Iran was near and that new negotiations would begin. Brent is now roughly 18 percent below its peak of $101 last month.
Oil prices had surged after the US-Israeli war on Iran that began on February 28. Trump had previously claimed that fuel prices would 'drop like a rock' once the conflict ended. However, economists dispute this, arguing that the war will have longer-term economic consequences.
The new negotiation claims that surfaced over the weekend came after Trump canceled a planned major operation against Iran at the request of Qatar, Saudi Arabia and the United Arab Emirates. Trump said the agreed framework includes 'the immediate, complete and total opening of the Strait of Hormuz' and 'ending Iran's nuclear threat,' but provided no details.
Meanwhile, Iranian Foreign Ministry spokesperson Ismail Bekayi said on Monday that Iranian negotiators are currently only discussing the management of the Strait of Hormuz with Oman, and that there are no negotiations or planned meetings with the US. The two sides have previously made contradictory statements about the status of talks.
Monday's drop in oil prices came after a more than 20 percent surge in July, driven by renewed fighting and supply disruptions from Hormuz to the Red Sea. Trump's latest remarks come as he faces criticism for launching the Iran war and its costs ahead of the November midterm elections.
