Oil prices extend slide: Brent crude falls below $77 as Iran ceasefire holds, Strait of Hormuz fears ease

Trump did not name any companies in his late-night message on TruthSocial, which was posted shortly after midnight.

Oil prices extended their decline on Wednesday, with both Brent crude and US benchmark West Texas Intermediate (WTI) hovering near four-month lows, as signs of improving shipping activity through the Strait of Hormuz eased concerns over a prolonged supply disruption.

His remarks come after the price of oil retreated from peaks seen during the Iran war but remain higher than before the conflict started.

Gasoline prices are a political issue in the United States, where fossil fuel-powered vehicles are many Americans primary means of transport.