Oil extends decline as Trump accuses oil firms of 'gouging' consumers

<p>"There are state and local taxes, which are applied to the price of gas at stations in the United States," Young told CNBC's "<a href="https://www.cnbc.com/access-middle-east/" target="_blank" rel="noopener noreferrer">Access Middle East.</a>"</p>

<p>"It really is up to refiners, and it takes a couple of weeks before crude prices drop, that then the prices at refineries, and then on to eventually consumers, can really respond."</p>

<p>Investors were also encouraged by signs that maritime traffic through the Strait of Hormuz could begin returning to normal.</p>

<p>More than 11,000 seafarers stranded in the Persian Gulf <a href="https://www.cnbc.com/2026/06/23/strait-hormuz-persian-gulf-ship-tanker-evacuation.html" target="_blank" rel="noopener noreferrer">will begin</a> exiting through the Strait of Hormuz after safety guarantees were secured, according to the <a href="https://www.imo.org/en/mediacentre/pressbriefings/pages/imo-accounces-evacuation-plan-in-strait-of-hormuz.aspx" target="_blank" rel="noopener noreferrer">International Maritime Organization</a>.</p>

<p>"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.</p>

<p>Dominguez added that it will be carried out "in close cooperation with Iran, Oman, all other coastal States in the region, the United States and the maritime industry."</p>

<p>Supply chain pressures have increased due to longer transit times for vessels trapped in the Strait of Hormuz and disruptions to air freight capacity, CEO of DHL Global Forwarding Greater China Aditi Rasquinha said on CNBC's 'Squawk Box Asia.'</p>

<p>"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.</p>

<p><em>— CNBC's </em><a href="https://www.cnbc.com/spencer-kimball/" target="_blank" rel="noopener noreferrer"><em>Spencer Kimball</em></a><em> contributed to the report. </em></p>

Guardian Sport · Jun 24

Guardian Sport · Jun 24

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