r/stocks
U.S. crude oil dips below $70 as tankers transit Strait of Hormuz
Oil prices drop 4% below $70 as Middle East supply fears ease, prompting Trump to criticize oil companies for not lowering gas prices.
- Crude oil prices fell about 4% as supply disruption fears in the Middle East ease.
- WTI dropped below $70 for the first time since March, indicating bearish momentum.
Oil prices fell about 4% Wednesday as tankers continued to transit the Strait of Hormuz, raising hopes that the worst of the Middle East supply disruption is over.
West Texas Intermediate futures hit a session low of $69.63 per barrel, the first time the contract has fallen below $70 since March 2. WTI was last trading down 4% at $70.22 per barrel.
Brent crude futures, the international benchmark, fell 4.2% to $73.83 per barrel, notching its lowest level since before the U.S. and Israel launched airstrikes against Iran on Feb. 28.
U.S. President Donald Trump on Wednesday criticized oil companies for not lowering gasoline prices in line with the recent decline in crude prices.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock!,” Trump wrote in a Truth Social post.
https://www.cnbc.com/2026/06/24/oil-prices-wti-brent-crude-trump-doj-gasoline-prices-strait-of-hormuz.html
Lol what they dont say is that barelyl any non Iranian ships are moving though (and those are going to china). Low oil prices rn are thanks to record draws from our reserves, which surely can last forever
barelyl any non Iranian ships are moving though
What is your source for this nonsense?
I saw the same thing looking here https://www.vesselfinder.com/
So will gas be back under $3 now or is there some new excuse preventing that?
They sure had no problem raising prices.
No one is getting a barrel for $70, its just futures pricing. The current active contract resolves in august so this is what they "think" oil should be end of august, and thats only at this current moment based on how they see things. Which can and will still be wrong.
Lag apparently and how the market futures work even though prices were raised instantly. Strange one that
It's like back in 2022 when interest rates went up. Mortgages went up on the day of the raise but savings rates took weeks to increase. Hmmm
Yeah exactly this, plus savings rates never increased but those cc interest rates sure did!
After Russia invaded Ukraine and post pandemic (global lagging oil production). So not really the fault of the US administration...this on the other hand, is 100% the fault of the current administration! It's wild!
Also if you count inflation, the record was actually 2008 with Bush. The more you know 🌈
Hope-ium…. It’s easier to make a mess than it is to clean it up. Especially when you clean it up an orange orangutan keeps making a bigger mess.
Mark my words, rates are not going up.
Marked
You guys are still crying about Trump and he is in his last two years of a lameduck session.
My brother, we are talking about what the current President is currently doing and has done over the last few months. You introduced yourself into this conversation very specifically to cry about what someone who has been out of office for nearly two years now did. And then started trying to pivot to things that happened 5 to 6 years ago.
Maybe people repeatedly point out your bad faith attempts and goal post moving because you're repeatedly doing it. Be real! It's not kosher to hold the current President responsible for their current actions but you're going to whine at me about the actions of everyone who I'm not? C'mon. That's ridiculous and you know it.
You'll never be able to understand others while you continue to be so dang willfully blind to your own self.
Your response is a perfect example of moving the goal post and inventing a new problem to take umbrage with. The fuck does any of that have to do with the issue we were actually talking about? It makes it seem like you recognize the point I'm making and are fully unwilling to acknowledge it.
Even entertaining your pivot to a new issue you think you might have stronger footing on than the one we're discussing that you're giving up on: what? It's obviously true that much of the Republican base rejected it and the outcome of Operation Warp Speed. Despite Trump's initial push there, him later cozying up to skeptics when his own base distanced themselves from him on the issue is an example of his weak leadership rather than strong. Democrats didn't make his supporters boo him when he took credit for and told them to get vaccinated. https://www.nbcnews.com/politics/donald-trump/trump-booed-alabama-rally-after-telling-supporters-get-vaccinated-n1277404
And back during the pandemic (and continuing to this day) political party was the largest determining factor to whether or not you got vaccinated. https://www.brookings.edu/articles/for-covid-19-vaccinations-party-affiliation-matters-more-than-race-and-ethnicity/
Contrast these converging figures with disparities based on politics: 90% of Democrats had been vaccinated, compared with 68% of Independents and just 58% of Republicans.
What wrong with that picture?
Biden didn't cause COVID. Trump didn't either, of course, but he did walk us into that pandemic with the lies that it would, "It’s going to disappear. One day — it’s like a miracle — it will disappear". The current oil crises were an even more American inflicted emergency.
The oil reserves exists for the times when they're needed. That doesn't mean it's not important to strive to avoid needing them.
Like... do you not save money? Invest? Do you do that so you will have money so you can retire one day and handle emergencies like your water heater breaking? Do you think that then would make it sensible to beat your water heater with a hammer cause you're bored?
One party allows a pedophile to rule over them.