US Admin Accused of Double Standards in Oil Company Probe

The US administration's relationship with oil companies is puzzling, according to Kamel Al-Harami. Despite President Trump owning shares in major energy firms like ExxonMobil, Chevron, and Phillips 66, these companies continue to report substantial profits and earnings. The president's personal portfolio includes multi-million-dollar holdings in these well-established energy companies.

The administration is accusing oil companies of gouging drivers and failing to reduce fuel prices, but the companies claim they need time to assess market conditions before adjusting petrol prices at service stations.

The situation is further complicated by ongoing tensions between the US and Iran, including the closure of the Strait of Hormuz. This has created tighter global oil supplies from the Arabian Gulf region, forcing consumers to rely on strategic oil reserves and prompting the US to increase oil exports to Europe.

Russian crude oil is being sold at around $16 below Brent crude, which stands at approximately $88 a barrel, depending on availability in the oil market and strong demand. The uncertainties surrounding the oil situation in the Gulf represent huge risk factors that make navigation and oil transportation more challenging.