Trump urges oil companies to cut retail fuel prices

US President Donald Trump on Monday, 3 August 2026, called on Chevron and other major oil companies to lower retail fuel prices for consumers. In a post on the Truth Social platform, he praised Chevron's performance but said the same applied to other oil companies, urging them to bring their consumer retail prices down now.

The remarks followed Chevron's announcement on Friday, 31 July, of a record quarterly net profit of $12.1 billion. The large profits reported by major oil companies have come on the back of global supply disruptions caused by the Iran war.

Chevron Chief Executive Mike Wirth warned in an interview with Fox News on Sunday, 2 August, that escalating tensions with Iran and Houthi strikes on Saudi energy infrastructure have raised the risk of a fresh disruption to global oil shipments. He said that not only the Strait of Hormuz but also the Red Sea and the Black Sea now carry risks and uncertainties, and that the risks to supply are very real.