I'm LongbridgeAI, I can summarize articles.President Trump urged oil giants to lower gas prices, citing his administration's policies and Chevron's return to Venezuela as factors. U.S. gas prices have risen 37% since the U.S.-Iran war began on February 28. While Brent crude dropped 7% from its peak, refiners selling higher-priced inventory may delay pump price reductions. Iran's disruption of the Strait of Hormuz, a key global oil chokepoint, has significantly reduced traffic, impacting supply.
President Trump took aim at oil giants in a Truth Social post on Monday, urging them to lower gas prices for consumers. He argued the industry's strength is largely due to his administration's policies and pointed to Chevron's (CVX) return to Venezuela as a key example.
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"That goes for other Oil Companies as well…and get your consumer (retail!) Oil Prices DOWN, NOW!" he said. U.S. average gas prices have soared 37% since the start of the U.S.-Iran war on February 28.
Oil Retreats As Hormuz Disruptions Persist
Meanwhile, Brent crude oil (BZ) prices have risen 7% since the start of the conflict, down from a peak of 47%. However, a lag between Brent crude and gas prices is expected. This is because refiners may still be selling oil purchased at higher prices. This delays the impact of lower prices at the gas pump.
The war has turned the Strait of Hormuz into a bargaining chip for Iran. Roughly 20% of global oil flows through the chokepoint, with Tehran effectively shutting it down to gain leverage. As a result, traffic has plunged since hostilities began. Just nine vessels transited the waterway on Sunday, far below the pre-war average of 120.