August 4, 2026 | 02:48 pm
TEMPO.CO, Jakarta - United States President Donald Trump urged oil companies in his country to lower fuel prices for consumers as soon as possible.
"That goes for other Oil Companies as well… and get your consumer (retail!) Oil Prices down, now!" Trump wrote on the Truth Social platform on Monday, as quoted by ANTARA.
Trump later said that he disapproved of the substantial profits earned by some major oil companies. "They’re making too much money based on a shortage. I don’t like it. Chevron, too much money. ExxonMobil, too much money," Trump told reporters.
He added that companies whose profits are 12 times greater than those of the previous year must return some of that income to the community. Trump's call comes as tensions between the U.S. and Iran continue to affect global energy markets.
In late June, U.S. Treasury Secretary Scott Bessent warned fuel retailers in the country that they could be held liable if they raised prices excessively.
On June 18, the U.S. and Iran signed a memorandum of understanding to end the conflict that began on February 28. However, on July 8, Trump announced that the ceasefire was no longer in effect. Since then, the U.S. military has launched a series of strikes against Iran.
United States Central Command (CENTCOM) said the attacks were in response to Iranian actions against commercial vessels passing through the Strait of Hormuz.
Iran then responded by launching attacks on U.S. military bases in the Middle East region.
On July 12, Tehran announced the closure of the Strait of Hormuz until U.S. interference in the region ends. A day later, Trump declared that the U.S. would be the "guardian" of the Strait of Hormuz and reimposed a blockade on Iranian ports.
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