Trump Slams Big Oil for Profiteering Amid Iran Conflict

US markets are poised to open with gains on Tuesday, with futures for the Dow Jones Industrial Average rising by 1.2%, and S&P 500 futures up by 0.3%. Nasdaq futures jumped by 1.1%.

The increase in market expectations is attributed to President Donald Trump's criticism of oil companies for profiteering from the Iran conflict, with benchmark US crude sliding $2.46 to $77.88 a barrel.

Trump stated that 'they made too much money' and called on them to cut retail prices, which led to shares of ExxonMobil, ConocoPhillips, and Chevron falling by around 1% before the bell.

Treasury Secretary Scott Bessent's comments also contributed to the decline in oil prices, as he mentioned that 'we are in talks with the Iranians' and there is a chance for a deal to open the Strait and normalize the conflict.