Oil prices fell sharply on Wednesday as worries about supply disruptions eased, with Brent crude dropping 4% to around $73 per barrel and U.S. West Texas Intermediate (WTI) crude falling 4% to around $70 per barrel.
U.S. President Donald Trump increased pressure on major oil companies, directing the Department of Justice (DOJ) to investigate whether oil companies are unfairly keeping gasoline prices high for consumers.
Trump accused oil companies of not passing lower crude oil prices on to drivers, claiming consumers are being 'gouged' at the pump.
The average price of regular gasoline in the United States was just below $4 per gallon on Wednesday, compared with about $4.50 per gallon a month earlier.
Trump's approval rating on economic issues has weakened during the conflict, with his approval rating on handling the economy falling to 30% in an April AP-NORC poll.
