Oil Prices Continue Slide as Trump Threatens Major Drillers

Oil prices have fallen, with Brent crude dropping $1.59 to $75.21 a barrel and US crude falling $1.67 to $71.54 a barrel, as President Donald Trump threatens to investigate oil companies for price gouging. The decline in oil prices is attributed to the progress in US-Iran talks on a permanent end to the Iran war, which has enabled more oil tankers to pass through the Strait of Hormuz. Despite the decline in oil prices, gasoline prices have not fallen as much, with the average price at the pump being $3.93 a gallon, according to AAA. Trump has instructed the Justice Department to investigate oil companies for price gouging, stating that customers are being ‘gouged’ and that gasoline prices should fall faster. The oil price slide is also influenced by the global sell-off in big technology stocks, with companies that have seen their values surge amid the AI frenzy being targeted. The Federal Reserve has signaled that it could raise interest rates at least once before the end of the year, which could stifle future spending and hurt prices for investments.