Exxon Mobil Shares Slip 1% After DOJ Ordered Gas Price Probe
XOM•Exxon Mobil shares slipped 1% after the U.S. president instructed the Justice Department to review gasoline pricing, accusing major oil firms of 'gouging' consumers. Brent crude fell near $76 per barrel and WTI below $73 as gasoline prices slipped under $4 despite remaining above the five-year seasonal average.
1. Presidential DOJ Probe Ordered for Gasoline Pricing
President instructed Justice Department to immediately review gasoline pricing after accusing major oil companies of 'gouging' consumers by not passing on crude price declines.
2. Crude and Fuel Price Dynamics Weigh on Shares
Brent crude traded near $76 per barrel and WTI below $73, while gasoline prices dipped under $4 but stayed above the five-year seasonal average, driving Exxon Mobil shares down 1%.
3. Record Strait of Hormuz Flows Erode War Premium
An all-time record 19 million barrels passed through the Strait of Hormuz, easing supply fears and unwinding the conflict-driven rally that had lifted Exxon Mobil shares 31% since late February.
