Trump Urges Oil Companies to Cut Retail Fuel Prices as Crude Slides on Renewed Iran Diplomacy
Trump concluded his statement with a direct appeal to the energy industry: "Get your consumer (retail!) Oil Prices DOWN, NOW!"
ERBIL (Kurdistan24) – U.S. President Donald Trump on Monday urged major oil companies to lower consumer fuel prices, arguing that improved conditions for the U.S. energy sector were the result of his administration's policies.
In a statement posted on Truth Social, Trump praised Chevron Chairman and CEO Mike Wirth following a television interview but criticized him for failing to credit the administration for the company's success.
"Without the genius, foresight, strength, and stability of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!" Trump wrote.
He also pointed to Chevron's return to Venezuela, saying the company had been "thrown out" previously but was now back, "far bigger and stronger than ever before," expecting to generate significant profits.
Trump concluded his statement with a direct appeal to the energy industry: "Get your consumer (retail!) Oil Prices DOWN, NOW!"
The comments came as global oil prices fell sharply, with international benchmark Brent crude dropping more than 5% to around $83.70 per barrel, while U.S. benchmark West Texas Intermediate (WTI) declined about 6% to approximately $79.74 per barrel.
The sell-off followed renewed optimism over U.S.-Iran diplomacy after Trump canceled a planned military strike on Iran and resumed efforts toward negotiations. The renewed diplomatic push erased much of the geopolitical risk premium that had driven oil prices roughly 20% higher during July.
The proposed diplomatic framework also aims to fully reopen the strategic Strait of Hormuz, a key global shipping route whose disruption had fueled concerns over energy supplies and contributed to recent price volatility.