Oil drops to lowest level since start of Iran war

Oil drilling rigs

Oil dropped today, June 24, to its lowest level since late February as concerns eased over supply disruption via the Strait of Hormuz, coinciding with presidential directives in the US to investigate fuel pricing for consumers.

Commodity strategists at ING Bank explained in a research note that positive signals coming from the Arabian Gulf have boosted optimism about oil flows through the Strait of Hormuz, Reuters reported.

Meanwhile, US President Donald Trump launched a sharp attack on major oil companies, accusing them of keeping gasoline prices high at gas stations despite the "rapid decline" in crude oil prices, announcing via the Truth Social platform that he had instructed the Department of Justice to open an immediate investigation on charges of "exploiting consumers."

Data from the American Petroleum Institute showed a decline in US crude inventories, while markets await official report from the Energy Information Administration later today, amid expectations of a drop in inventories of about four million barrels.