U.S. crude oil dips below $70 as tankers transit Strait of Hormuz

> Oil prices fell about 4% Wednesday as tankers continued to transit the Strait of Hormuz, raising hopes that the worst of the Middle East supply disruption is over. > West Texas Intermediate futures hit a session low of $69.63 per barrel, the first time the contract has fallen below $70 since March 2. WTI was last trading down 4% at $70.22 per barrel. > Brent crude futures, the international benchmark, fell 4.2% to $73.83 per barrel, notching its lowest level since before the U.S. and Israel launched airstrikes against Iran on Feb. 28. > U.S. President Donald Trump on Wednesday criticized oil companies for not lowering gasoline prices in line with the recent decline in crude prices. > “The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock!,” Trump wrote in a Truth Social post. https://www.cnbc.com/2026/06/24/oil-prices-wti-brent-crude-trump-doj-gasoline-prices-strait-of-hormuz.html