Trump Orders DOJ Oil Probe as US-Iran Deal Lowers Crude

Following a conflict that began on February 28 with U.S.-Israeli strikes on Iran, Donald Trump signed a 14-point memorandum of understanding and a 60-day interim peace deal with Iran in mid-June 2026. The accord reopened the Strait of Hormuz and included a temporary sanctions waiver allowing Iran to export oil. These developments caused global crude prices to plummet from wartime peaks over $120 per barrel to approximately $68–$75 per barrel by late June, the lowest levels since before the conflict.

Despite the decline in crude costs, the U.S. national average for gasoline remained around $3.85–$3.93 per gallon. President Trump accused major oil companies—specifically naming ExxonMobil, Chevron, BP, and Shell—of price gouging consumers. He instructed the United States Department of Justice to investigate why retail pump prices have not fallen in tandem with crude costs and demanded that retailers target a price of $2.50 per gallon, warning that "big problems lie ahead" for those who fail to comply.

Industry representatives from the American Petroleum Institute and Chevron defended the pricing, citing refining lags and seasonal demand. Meanwhile, the U.S. Senate passed a symbolic resolution to end the war, reflecting low domestic approval for the conflict. While oil flows through the Strait of Hormuz have nearly returned to pre-war levels, Energy Secretary Chris Wright noted that full recovery will take weeks as mine-clearing operations continue. Diplomatic tensions persist as Israel refuses to withdraw troops from southern Lebanon, and Iran threatens to impose maritime service fees on the waterway.