President Trump ordered the Justice Department to probe major oil firms, saying investigators should review pricing contracts and wholesale rates after he accused the companies of “gouging” motorists. He posted the claim on his social‑media platform, noting that pump prices have not fallen despite sharply lower crude costs. No specific refiners were identified, but the demand for a probe heightens political risk for the sector.

The call arrives as global oil benchmarks retreat on optimism that tanker traffic through the Strait of Hormuz will improve following an interim U.S.–Iran agreement to end hostilities. West Texas Intermediate has slid more than 25% this month, cutting the cost base for refiners. Analysts expect the price gap to press margins unless downstream firms adjust retail pricing quickly.

U.S. pump prices reflect the shift, with the national average falling to $3.928 per gallon, down from $4.515 a month earlier, per AAA data. The decline squeezes profit spreads for integrated majors while offering relief to price‑sensitive consumers. Regulators may now face pressure to act on the president’s allegations, making the pricing dispute a flashpoint for both market and policy circles.