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Iran Conflict 2026
14AUG

Trump orders a DOJ oil-gouging probe

2 min read
09:56UTC

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.

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 Mines remain in the navigable channels and P&I war-risk cover is still withdrawn, so the strait is recovering for rescue and selective trade rather than reopening in full.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.

First Reported In

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

Trading Economics· 24 Jun 2026
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