President Donald Trump is intensifying his push for lower oil prices as the 60-day agreement with Iran reaches its two-week milestone, even as new economic data shows the U.S. job market underperformed in June.
“Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, but not as fast as they should be,” Trump wrote on Truth Social Wednesday night. Brent crude traded at $71 a barrel on Wednesday, a sharp decline from $88 a month ago and down from over $100 at the height of tensions with Tehran. The president’s pressure on retailers echoes his recent campaign to get gas stations to pass on savings to consumers more quickly.
The Bureau of Labor Statistics reported Thursday that the U.S. added far fewer jobs than economists had forecast in June, raising fresh concerns about the trajectory of the recovery. The slowdown comes as Americans prepare to mark the nation’s 250th anniversary on Saturday, with hundreds of celebrations planned nationwide. An extreme heat wave, expected to persist through the weekend, has prompted the Trump administration to issue emergency orders aimed at maximizing electrical output and preventing grid failures. The White House earlier this week invoked emergency powers to avert a potential collapse of the Mid-Atlantic grid due to surging demand.
Iran Deal at Critical Juncture
With the clock ticking on the 60-day framework with Iran, Trump’s focus on oil prices reflects a broader strategy to squeeze Tehran’s revenues while maintaining domestic economic stability. The deal, which paused direct military confrontation, has seen both sides accuse the other of violations. The Senate recently reversed course on Iran war powers legislation after Trump confronted Republican defectors, underscoring the fragility of the political consensus on Iran policy.
Ukraine War Escalates
While the administration’s attention has been dominated by Iran, the war in Ukraine has intensified. Russia launched a barrage of drone and missile strikes on Kyiv overnight Thursday, killing more than a dozen civilians. The attacks mark one of the largest aerial assaults on the Ukrainian capital in weeks, as Moscow seeks to regain momentum on the battlefield. The escalation comes amid ongoing U.S. military aid debates and European energy concerns.
Trump’s Schedule and Policy Push
Trump has several policy meetings scheduled Thursday, including an intelligence briefing in the morning. The president’s agenda also includes discussions on energy security, trade, and the upcoming anniversary celebrations. His administration’s recent approval of three pesticides containing PFAS, so-called “forever chemicals,” has drawn criticism from environmental groups, who argue the EPA’s move ignores health risks.
As the nation gears up for America’s 250th birthday, the convergence of a sluggish jobs report, soaring temperatures, and geopolitical crises presents a challenging backdrop for the White House. Follow live updates throughout the day.
