President Donald Trump announced a meeting with Iran, hailing a decline in gas and oil prices.
On Monday, Trump took to Truth Social to reveal that a meeting with Iran is scheduled for Tuesday, June 30, in Doha, Qatar. The White House confirmed the same on X.
According to Axios, the talks, initially planned in Switzerland to focus on Iran's nuclear program, were moved to a different location after the escalation and shifted their focus to the Strait of Hormuz. U.S. technical team head Nick Stewart is expected to take part in the discussions.
A senior Iranian official said U.S.-Iran talks in Doha on Tuesday will focus on managing the Strait of Hormuz and easing tensions, rather than the technical nuclear discussions previously held in Switzerland, reported Reuters.
The President also noted a drop in WTI crude prices to $69, calling it lower than the price before the initiation of Iran's denuclearization. Trump further emphasized that gas prices were decreasing rapidly and urged the public to report any retail-level abuses.
Oil Prices Rise Amid Tensions
Trump's announcement comes after his administration had previously stated that the U.S. and Iran would "stand down" following a series of strikes exchanged over the weekend.
Following the escalation, crude oil prices rose, days after they started sliding following the MOU signing between the U.S. and Iran. At the time of writing, WTI crude oil prices were trading 1.23% higher at $70.08 per barrel.
At the same time, the average gas price in the U.S. stood at $3.86 per gallon, as per AAA. Earlier, Trump had accused oil giants of overcharging customers by not adjusting their pump prices to reflect the lower prices they are paying for oil and called for a Department of Justice (DOJ) investigation into them.
Responding to Trump's criticism, Chevron Corp. (CVX) Chief Financial Officer Eimear Bonner said that lower oil prices would take time to translate into cheaper gasoline due to a lag in pricing, but expects pump prices to decline as markets normalize. She added that Chevron is doing its part by increasing production by 7% to 10% this year to help boost supply.
