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Donald Trump has ordered a formal investigation into leading oil companies over sluggish declines in US petrol prices, confronting mounting criticism about energy market dynamics amid Middle East instability.
Oil prices rose Friday as doubts emerged over a US-Iran peace deal following cancelled talks in Switzerland and escalating Israeli military operations in Lebanon, with analysts warning of renewed volatility.
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US President Donald Trump has announced the completion of a peace agreement with Iran, authorising the immediate reopening of the Strait of Hormuz and lifting a naval blockade to resume global maritime traffic and energy shipments.
Oil prices retreated on Tuesday as Iran and Israel agreed to pause direct military strikes following U.S. pressure, though market participants remain doubtful about the durability of the truce.
Oil prices slipped on Tuesday as markets weighed mixed signals from U.S.-Iran negotiations. While Trump suggested talks were continuing, uncertainty about whether a deal would materialize kept investors cautious.
China's crude oil imports are forecast to slide to pandemic-era levels this year, with the Iran conflict exposing weak underlying demand that analysts say may not recover as electric vehicles and renewable energy reshape the economy.
Oil prices dropped over $5 a barrel to two-week lows Monday as the United States and Iran showed signs of moving toward a peace agreement, though significant disagreements persist on critical issues.