Trump Warns Oil Execs: 'Get Prices Down Immediately'

President Donald Trump has warned oil executives about price gouging amidst rising gas prices. Speaking to reporters in the Oval Office, Trump stated that he had warned retailers in a meeting earlier this week to reduce retail prices. The national average price for a gallon of regular gas is currently $4.12, nearly a dollar more than one year ago.

This increase has been ongoing since the onset of the Iran war, which led to the closure of the Strait of Hormuz, a key waterway for oil transit. Although a memorandum of understanding was signed to reopen the strait, tensions remain high.

Trump recently declared the ceasefire with Iran 'over,' which could further impact oil prices. In response to this development, the cost of a barrel of oil jumped after Trump's announcement, with Brent crude oil rising 5.6% to over $78 a barrel.