The president launched a plan that involves the U.S. military and aims to prevent the Iranian regime from closing the maritime passage to trade again
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Oil prices dropped to nearly 70 dollars per barrel thanks to the action plan implemented by President Donald Trump in the Strait of Hormuz, where the U.S. military protects and guides ships seeking to transit through the maritime route, while monitoring against any type of Iranian aggression.
Now, the market expects global energy supply to normalize quickly if a lasting peace agreement is reached between the U.S. and Iran. In this regard, Trump has already indicated that Iran will not charge tolls, insurance costs, or any fees for ships seeking to cross the strait.
Brent crude futures fell by 3.1% to 73.13 dollars per barrel, their lowest level since the day before the war with Iran broke out on February 28. West Texas Intermediate (WTI) crude also dropped by 3.8% to 70.43 dollars per barrel, trading below 70 dollars in the first hour of the day.
In parallel to Trump's surveillance and escort operations for ships, Iran and Oman announced that they will begin implementing an evacuation plan for vessels trapped in the Strait of Hormuz, where it is estimated that more than 11,000 sailors are stranded.
The Strait of Hormuz is open to trade thanks to Trump's intervention
Fuel prices will continue to drop
The drop in oil futures translates to lower costs for gasoline, whose prices have also been moderating. Thus, they have fallen for the sixth consecutive week and stand at 3.93 dollars per gallon this Wednesday, well below their peak of 4.56 dollars per gallon recorded at the height of the war's tension.
However, Trump warned this Wednesday that these values are not dropping quickly enough and demanded that oil giants stop speculating. "The big oil companies are not lowering their prices at the pumps in proportion to the significantly lower prices they are paying for oil. Those prices are plummeting! In other words, customers are being 'scammed'," the president wrote.
In the last month, gasoline prices in the U.S. have dropped by 13%, that is, 59 cents per gallon. During the same period, Brent crude has fallen by more than 15% (approximately 13 dollars), while U.S. crude has decreased by 12% (about 9 dollars). Although since the fuel currently at the pumps was purchased at higher prices, consumers will see an immediate relief effect in the next two weeks.
