Brent Falls Below $76

Oil prices fell as concerns over disruptions to shipping through the Strait of Hormuz eased. Trump urged a DOJ probe into fuel prices, accusing oil companies of gouging consumers. International benchmark Brent crude futures for August fell to its lowest level since Feb. S.

and Israeli strikes on Iran. Oil extended losses on Wednesday as concerns over potential supply disruptions eased, while investors monitored developments in the strategically vital Strait of Hormuz. 79 per barrel, notching its lowest level since Feb. S.

and Israeli-led war against Iran. S. 98 per barrel. S.

President Donald Trump on Wednesday criticized oil companies for not lowering gasoline prices in line with the recent decline in crude prices. "The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. ," Trump wrote in a Truth Social post. " I have instructed the DOJ to immediately start looking into this.

," he added. S. Department of Justice for comment and is awaiting a response. " "There are state and local taxes, which are applied to the price of gas at stations in the United States," Young told CNBC's " Access Middle East.

" Investors were also encouraged by signs that maritime traffic through the Strait of Hormuz could begin returning to normal. More than 11,000 seafarers stranded in the Persian Gulf will begin exiting through the Strait of Hormuz after safety guarantees were secured, according to the International Maritime Organization. "We have secured the necessary safety guarantees and have thoroughly verified the conditions for safe navigation to support these operations," IMO Secretary-General Arsenio Dominguez said in a statement.

' "With the Strait opening up, potentially a lot of that should ease," Rasquinha said, but noted that it would take some time for the supply chain to normalize. — CNBC's Spencer Kimball contributed to the report.