Oil falls as traffic resumes through the Strait of Hormuz

Oil prices fell on Wednesday as tankers continued moving through the Strait of Hormuz, easing concern that the worst of the supply disruption in the Middle East may be passing. West Texas Intermediate briefly dropped below $70 a barrel before closing slightly above that level, while Brent also declined sharply. The move came as U.S. President Donald Trump accused oil companies of not passing lower crude costs on to drivers and said he had asked the Justice Department to review the issue. A researcher quoted in the report said gasoline prices in the U.S. tend to adjust more slowly because of taxes, refining costs, and the time it takes crude price changes to reach consumers. The International Maritime Organization also said more than 11,000 seafarers stranded in the Persian Gulf would begin exiting through the Strait of Hormuz after safety guarantees were secured. Analysts and logistics firms said the reopening of the route could ease pressure on shipping and supply chains, although normalization may still take time.