Trump orders oil company probe as US gas prices stay high amid Iran-Hormuz deal

On April 6, 2026, US President Donald Trump ordered an investigation into major oil companies over persistently high gasoline prices, asserting firms aren't lowering pump prices despite dropping crude costs after an Iran-US deal resumed oil tanker traffic through the Strait of Hormuz. Trump accused companies of "gouging" customers, citing AAA data showing US regular gasoline at $3.93 per gallon (3.8 litres)—down from post-blockade peaks but still above pre-conflict levels.

The move comes amid Trump criticism over the financial burden of the US-Israeli conflict in Iran, which triggered Tehran's February blockade of the Hormuz strait—a vital global oil chokepoint. While an initial deal has eased tanker restrictions, economists warn oil prices may take months to normalize, sustaining inflation pressures ahead of November's congressional elections.

For global energy markets—including oil-exporting nations like Nigeria—this gap between crude and pump prices affects national budgets and consumer fuel costs, illustrating how distant geopolitical events directly shape local economic realities and household budgets worldwide.

SOURCE: https://www.channelstv.com/2026/06/24/trump-orders-probe-into-rising-gas-prices-in-us/