US President Donald Trump called on oil companies to lower their prices for American consumers, saying in a post to social media that it was because of “the genius” of his administration that companies like Chevron have been making such large profits.

“Without the genius, foresight, strength, and stability, of the TRUMP administration, the Oil Industry, and our Country itself would be DEAD!” he wrote to Truth Social on Monday.

In the post, Trump called on these companies, who are “expecting to make a fortune”, to “get your consumer (retail!) Oil Prices DOWN, NOW!”

This comes after crude oil prices fell over six percent following Trump's announcement that negotiations with Iran would begin.