14JUN

Trump orders a DOJ oil-gouging probe

2 min read

11:42UTC

Trump ordered a Justice Department probe into oil-company gouging on 24 June, accusing firms of not cutting pump prices as Brent crude slid to $76.14.

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ConflictDeveloping

Key takeaway

Brent fell to $76.14 on a partial Hormuz recovery, and Trump blamed refiners for pump prices that have not followed.

Donald Trump ordered a Justice Department probe into oil-company "gouging" on 24 June, accusing firms of not cutting pump prices as Brent crude slid to $76.14, down from $77.08 the day before⁠¹. Brent is the benchmark that sets the price of roughly two-thirds of internationally traded oil, so its direction feeds quickly into petrol prices and the politics around them.

The decline extends the slide that began as Trump's peak Hormuz threats were priced out at $77.54 on 22 June. What the market is reading is the gradual return of tanker traffic following General License X and the IMO evacuation, with UAE oil exports rebounding to about 85 per cent of pre-conflict levels⁠².

The pricing runs ahead of the physical reality. Mines remain in the navigable channels and P&I war-risk cover is still withdrawn, so the strait is recovering for rescue and selective trade rather than reopening in full. Trump's gouging probe blames refiners for a gap between falling crude and steady pump prices that the incomplete reopening, not corporate conduct, largely explains.

Deep Analysis

In plain English

On 24 June, the price of Brent crude oil; the global benchmark used to set energy costs worldwide; fell to $76.14 per barrel. That is down from $77.08 the previous day and roughly 36% below its peak during the worst of the conflict. The UAE has largely restored its oil exports to about 85% of what they were before the fighting. President Trump ordered the US Justice Department to investigate oil companies for 'gouging'; charging customers too much at the pump even as wholesale prices fell. Brent's decline reflects growing confidence that more tankers are moving through the strait of Hormuz, though the strait is not fully open: mines still need to be cleared and shipping insurance has not fully returned.

Source Landscape

This story draws on neutral-leaning sources

Brent's move from $77.54 on 22 June to $76.14 on 24 June represents a 1.8% two-day decline, compressing the remaining war premium. At the conflict's Brent peak of approximately $120 (around 10 March), the premium was roughly $44/bbl above pre-conflict levels near $76. The market has now repriced almost the entire premium, implying traders expect the 60-day window to sustain even without mine clearance or full insurance return.

The UAE's 85% export recovery is a particularly significant indicator: the UAE, unlike Iran, is not under sanctions and its export recovery depends purely on logistics (transit availability and insurance). An 85% recovery with insurance still restricted suggests tankers are self-insuring short voyages through Omani territorial waters rather than the full Hormuz channel; a route that limits cargo size to vessels small enough for the Oman corridor.

Sources:Trading Economics

Mentions:Donald Trump →Department of Justice →Brent Crude →Strait of Hormuz →General License X →United Arab Emirates (UAE) →

First Reported In

Update #137 · Iran and Oman claim the strait; US says no

Trading Economics· 24 Jun 2026

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Causes and effects

Caused by

Brent falls through Trump's war talk

Brent's further slide to $76.14 extends the pricing-out of war premium that began at $77.54 on 22 June.

Occurred 22 Jun 2026

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This Event

Trump orders a DOJ oil-gouging probe

The market is pricing in a Hormuz reopening that mines and absent insurance have not actually delivered.

Led to

Brent falls below its pre-war level

Brent fell from $76.14 on 24 June to $72.64-$73.72 on 25 June, erasing the war premium across two sessions.

Occurred 25 Jun 2026

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Brent falls straight through the strikes

Brent fell from $76.14 on 24 June to $71.99 on 26 June, a 5.4 per cent decline through the IRGC attack and CENTCOM counter-strike, continuing the post-24 June downtrend.

Occurred 26 Jun 2026

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The sanctions that need no signature

Trump's DOJ oil-gouging probe sits alongside Economic Fury as motion not requiring settling the war.

Occurred 1 Jul 2026

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Different Perspectives

United States (Joint Maritime Information Center)

The JMIC, the US-led naval reporting cell, rated the Hormuz threat "severe" in its 25 October advisory, as reported by gCaptain, and warned of possible renewed mining. Eight days earlier it found no substantiation for the Guards' mine claims, while US-facilitated transits ran at about 34 a day.

United Kingdom (CPS and Counter Terrorism Policing)

The CPS charged two men under the National Security Act 2023 over the RAF Fairford incident, and Counter Terrorism Policing said it believes the foreign intelligence service involved is Iran's, LBC reported. The case now runs through the courts; both men are charged, not convicted.

Aden and Yemen's recognised government

The Houthis told people to leave Aden airport, in the government-held south, before a missile fell there on 28 October, AFP reported, and police reported a second attack that afternoon. The fight between Riyadh and the Houthis is landing on the south's main civilian airport.

Qatar (mediators)

Qatar-led mediators put new terms to Iran this week, which an Iranian official called "ideas, not a proposal". Riyadh framed the Tehran meeting as support for Qatari and Pakistani mediation, keeping Doha at the centre of the indirect channel.

Korea Shipowners' Association

The association said the ships Iran listed were sub-chartered to an overseas oil company, not owned by Sinokor, carried no South Korean crew, and that Sinokor was unaware of the warning. South Korea's shipowners are contesting whose vessels the notice covers before it takes effect.

Kuwait (foreign ministry)

Kuwait summoned Iran's ambassador, Mohammad Toutounji, and handed him a protest note over the embassy's denial that its citizen took part in the alleged plot against Interior Minister Fahad Al-Yousef. Kuwait is answering through its courts and a diplomatic protest, citing international law and the UN Charter.

Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Editorial standards.