Thanks to fewer shipping concerns at the Strait of Hormuz, oil prices are falling, CNBC reported.
Oil prices fell nearly 4% on Wednesday as tankers were able to navigate the strait without incident.
West Texas Intermediate futures hit a low of $69.63 per barrel, falling below $70 for the first time since March 2.
Brent crude futures, the international benchmark, fell 4.2% to $73.83 per barrel, the lowest price since the war began at the end of February.
President Donald Trump criticized oil companies on Wednesday, saying they should lower gas prices further.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock!,” Trump wrote in a Truth Social post.
