Axios: “From early April peaks, U.S. crude oil was down roughly 36% through Tuesday. Brent, the global benchmark, was down about 44%.”

“U.S. gasoline prices are down too, but not as much, with the national average all-grade price of a regular gallon down about 12.5% from its recent peak of $4.63 in mid-May to $4.05 this week.”

Bloomberg: Trump warns ‘big trouble’ for oil companies if price gouging.

“President Trump is pulling from a familiar Democratic playbook as he wrestles with sticky gasoline prices: blaming Big Oil,” the Wall Street Journal reports.

“During the U.S. war against Iran, Trump repeatedly promised that prices at the pump would fall quickly once the conflict ended. But 10 days after he announced an agreement with Iran, the price of a gallon of gasoline still hovers around $3.93—nearly $1 higher than before the hostilities broke out.”

“Now, Trump is accusing his own oil allies of gouging consumers.”

“President Trump says he ordered the Justice Department to probe whether oil companies are gouging consumers,” Axios reports.

“It shows a new level of Trump’s frustration with prices at the pump — and introduces a new wild card for oil companies, depending on what the Justice Department decides to do with the president’s overnight Truth Social post.”

“The Interior Department issued a pair of proposed rules that would reduce costs and weaken requirements for fossil fuel companies that operate on federal lands,” the New York Times reports.

“The first rule would drastically lower the fees that companies must pay before drilling, while the second could allow firms to release more methane, a powerful greenhouse gas that contributes to climate change.”

“The war with Iran has pulled the American oil industry out of a slump, raising corporate profits and spurring some companies to drill more wells,” the New York Times reports.

“U.S. oil production is now forecast to grow modestly next year, topping 14 million barrels a day for the first time.”

“But the war, paused for now by a preliminary deal, is unlikely to provide enough of a lift for the United States to take significant business from Persian Gulf countries that have been hobbled by the conflict, oil executives and investors said.”

“Oil prices inched up and stocks dipped on Sunday as the status of the Strait of Hormuz remained unclear, underscoring how challenging it may be to restore energy flows through the region,” the New York Times reports.

The Economist: “The optimists may be getting ahead of themselves—especially in the short term. Wary buyers are not yet placing large orders for Gulf crude… Even if the deal holds, tankers must start returning to the Gulf, not just leaving it, production must restart and refining ramp up worldwide—all of which will take time.”

“Before any of that, the strait must first be cleared of mines.”

Paul Krugman: “Yes, $2.5 billion to destroy already-approved, cost-effective clean energy projects while Americans are suffering from soaring electricity prices thanks to data centers and high gasoline prices.”

“Yet here’s the irony: Donald Trump’s disastrous Iran war has delivered a huge boost for renewable energy around the world — except in the U.S.. Trump has so far done more to shift the global economy away from fossil fuels and towards renewable energy than any other single individual in history.”

“Three supertankers from Saudi Arabia loaded with 6 million barrels of oil have crossed the Strait of Hormuz,” CNBC reports.

“The Interior Department said on Wednesday that it would pay the energy developer Invenergy hundreds of millions of dollars to abandon plans to build wind farms in the Atlantic and Pacific, in the third such deal struck by the Trump administration to cancel offshore wind leases,” the New York Times reports.

“Under the agreement Invenergy will voluntarily surrender four leases in federal waters for wind farms that would have been located in the New York Bight, off the Central Coast of California and in the Gulf of Maine.”

“Trump administration officials are discussing ideas to kick-start oil tanker traffic through the Strait of Hormuz, including a plan that would offer a fee-based ‘VIP pass’ naval escort through the waterway,” Politico reports.

“President Donald Trump and White House chief of staff Susie Wiles have called for ideas to convince ship owners to take the risk of transiting the strait as the United States and Iran continue peace talks, said two energy industry officials familiar with the talks. The discussions so far have centered on ways to convince insurance companies to offer coverage to travel through a narrow waterway in which Iran has successfully attacked vessels.”

“Drivers hopeful that the U.S.-Iran framework deal will translate to lower gasoline prices will probably have to wait weeks, or longer, to see meaningful improvement,” the New York Times reports.

“Energy analysts refer to the swing of prices as ‘up like a rocket, down like a feather’ — a phenomenon that means gasoline costs quickly rise alongside the price of crude oil but are slow to follow its descent.”

New York Times: “The long-awaited deal to reopen the Strait of Hormuz brought quick relief to the oil market, sending prices to their lowest levels since early March.”

“Getting substantial amounts of oil and gas flowing, however, will take much longer.”

“It can take weeks or months, even in the best of times, to get oil and gas from wells in the Persian Gulf to buyers in China or Japan.”

Los Angeles Times: “As inflation rates rise to their highest in years, Californians are again getting hit the hardest at the gas pumps, with a regular tank costing upwards of $100 at some stations in Los Angeles.”

“Inflation figures released this week show consumer and producer price rises at more than three-year highs, driven by the energy crisis stemming from the war with Iran.”