Everything, in every economy, everywhere, has energy costs at its heart. The cost of energy is factored into every product, every commodity, every good, every service, in every one of billions of economic decisions made by people every day. Be it a candy bar or a new truck, the cost of energy is in everything, from raw materials to finished product, from manufacturing to transport. Petroleum is, in our modern world, a major energy source, as well as a major source of raw materials, from plastics to industrial chemicals. Our world runs on petroleum; our modern lives are impossible without it.
So, when oil prices are down despite the current frustrating state of affairs with Iran, that’s good news. Two administration officials were making the rounds of the morning talk shows on Sunday to tout the price drop. First, the United States Ambassador to the United Nations, Mike Waltz, appeared on CBS News’ Face the Nation with host Margaret Brennan to tout not only oil prices but Iran’s being denied a nuclear weapon.
.@USAmbUN: Just a few months ago, analysts said oil would be upwards of $150-$200 a barrel, and it is now under $80. Everyone wants cheaper energy. What @POTUS is doing is striking that balance with ensuring that a genocidal regime can never have a nuclear weapon. pic.twitter.com/dYx2jiZyng
— Rapid Response 47 (@RapidResponse47) June 21, 2026
The ambassador said:
Well, Margaret, I’ll go back to other polling, that shows that the American people absolutely agree with President Trump that Iran can never have a nuclear weapon. Of course, we all want lower gas prices. They are lower, below four dollars, and falling, with more work to do. They’re cheaper than under the Biden administration. We’ll remember, just a few months ago, when analysts were saying oil would be upwards of $150-200 a barrel. And it is not; it is now under $80. Of course, everyone wants cheaper energy. But what President Trump is doing is striking that balance with also ensuring that a genocidal regime that none of us trust can never have a nuclear weapon, and that process is underway right now, as we speak.
That process is indeed underway, and while we’ll take the oil prices and hope that keeps up, things with Iran remain, we might say, tetchy. The involved parties are reportedly meeting in Switzerland, now, and we are awaiting reports from that conversation.
Read More: Trump Scores Big: Dow Soars, Oil Craters on New Iran Ceasefire
Good News: Oil Prices Now Dropping As Tankers Sail Through Strait of Hormuz
Then, Energy Secretary Chris Wright delivered a similar message on Fox News Sunday, speaking with host Shannon Bream.
.@SecretaryWright: “Yesterday, 67 ships went through the Strait of Hormuz. The day before, it was 55 ships. In terms of oil and oil products—about equal to where we were before the conflict.” pic.twitter.com/7QeA9fxReQ
— Rapid Response 47 (@RapidResponse47) June 21, 2026
Secretary Wright said:
In the last 24 hours, yesterday, 67 ships went through the Strait of Hormuz. The day before it was 55 ships. So, in terms of oil and oil products, about equal to where we were before the conflict. So, yeah, traffic is flowing through the Strait, quite nicely. Now, that’s because of a U.S. military presence. Iranians have still not de-mined the central shipping channel. But the U.S. opened a second channel down (to) the south, and we have been bringing, we have been escorting ships through that for several weeks now. And, at very high levels today.
Regardless of what’s going on in Switzerland, this is good news for now. A lot of oil has been hemmed up in the region. If we continue to see oil flowing at these rates, it’s not at all unlikely that the price of oil will drop further, and that’s a good thing for literally every person on the planet.
As of this writing, U.S. crude commodity pricing is at $76.55 a barrel. U.K. (Brent) crude is at $80.37. That could have been a whole lot worse. Some people predicted it would be a lot worse. Thankfully, they were wrong.
Editor’s Note: Thanks to President Trump’s leadership and bold policies, America’s economy is back on track.
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