US President Donald Trump on Monday demanded that Chevron and other oil companies immediately reduce gasoline prices for American consumers, while attacking Chevron Chairman and Chief Executive Mike Wirth for failing to credit his administration. His comments came as crude prices fell after Trump said a deal with Iran was near and new negotiations would begin. The pressure puts fuel costs at the centre of the political fallout from the US-Israel conflict with Iran. Petrol prices have risen since hostilities began, increasing costs for millions of Americans and exposing Trump to criticism over the war as November’s midterm elections approach. Trump targets Chevron as fuel costs rise Trump said Chevron’s current strength reflected help from his administration and argued that the company should pass that advantage on to consumers. In a statement on his social media platform, he also claimed that Chevron had returned to Venezuela “far bigger and stronger than ever before” after previously being forced out. The president has made similar demands before, repeatedly predicting that fuel prices would fall sharply once the conflict with Iran ended. His latest criticism focused on Wirth’s failure, in Trump’s view, to recognise the administration’s role in supporting the oil industry and the wider US economy. Trump offered no mechanism for compelling Chevron or other companies to reduce prices. His call instead placed responsibility directly on oil producers and came while economists disputed his expectation of a quick return to lower costs, warning that the conflict could produce longer-lasting economic effects. Oil prices retreat after reported Iran diplomacy Brent crude, the main international oil benchmark, was trading at $82.91 a barrel at 11:59am GMT on Monday. The price was down 5 percent from the previous day and nearly 18 percent below last month’s peak of $101. The decline followed news that negotiations might resume. Trump said he had cancelled what he described as the largest attack since the Second World War after Qatar, Saudi Arabia and the United Arab Emirates requested a pause and “perimeters of a deal” had been reached. He said the proposed framework included the immediate, complete opening of the Strait of Hormuz and an end to Iran’s nuclear threat. Iranian Foreign Ministry spokesman Esmaeil Baghaei gave a different account on Monday, saying that discussions were currently limited to managing the Strait of Hormuz with Oman. He said there were no US talks under way and no meetings planned. The opposing statements leave the diplomatic path, and its effect on energy markets, unresolved. Supply disruption remains the key market pressure Monday’s fall in crude prices came after a rise of more than 20 percent in July. The increase followed renewed hostilities and supply disruptions that spread from the Strait of Hormuz to the Red Sea, tightening concern around the movement of oil and other energy supplies. The Strait of Hormuz is central to the negotiations described by Trump because his proposed framework calls for its opening. He provided no additional details about the terms, while Iran’s account pointed to separate discussions with Oman rather than direct engagement with Washington. That uncertainty matters for US motorists as well as oil companies. A sustained reduction in petrol prices would depend on whether the diplomatic claims lead to safer and more reliable energy flows, while economists cited in the source material expect the conflict to have longer-term economic consequences. For now, the confirmed next step is the prospect of negotiations, although Iranian officials say no US meeting is currently scheduled.
Also read: Rising Middle East conflict pushes oil prices above $95 per barrel.
More context: US strikes on Iran trigger rise in oil prices and fall in global stocks amid Hormuz tensions.
Related coverage: Oil prices reach one-month peak as US-Iran conflict disrupts Strait of Hormuz shipping.
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