FX.co ★ Trump orders retailers to cut gas prices and threatens action

President Donald Trump has sharply demanded that fuel retailers immediately lower prices at gas stations amid a fall in global crude prices. On his Truth Social account, he warned businesses against artificially inflating gasoline costs, threatening big problems, and set a target of around $2.50 a gallon. He also criticized California authorities and called for the repeal of high regional taxes.

Earlier, the White House instructed the Department of Justice to investigate possible price collusion among major oil companies. The decline in oil prices occurred in June after a peace agreement between Washington and Tehran unblocked shipping through the Strait of Hormuz and opened the way for supplies from the Middle East.

As a result of the de‑escalation, the Brent benchmark returned to prewar levels. US gasoline futures fell to $2.844 a gallon, which remains above previous averages despite the truce and new rounds of talks with Iran. Experts link Trump’s pressure on business to criticism of his administration over the rising cost of living and to the approaching November midterm elections to Congress.