Gas prices fall below $4 a gallon for the first time in nearly 3 months
Summary
Gas prices in the United States fell below $4 a gallon for the first time in nearly three months. This drop follows a decrease in oil prices after the U.S. and Iran reached a preliminary deal to end their conflict, which reopened an important oil shipping route.Key Facts
- The national average price for a gallon of gas dropped to $3.99, the lowest since March 30.
- Gas prices had risen sharply due to the war in Iran, which began on February 28.
- The Strait of Hormuz, a key waterway for about 20% of the world’s oil, was nearly closed during the war but has reopened after the agreement.
- More than 10 commercial ships have passed through the Strait of Hormuz since the deal was signed by President Donald Trump.
- Brent crude oil fell 1.4% to $78.46 per barrel; West Texas Intermediate fell 2.2% to $75.10 per barrel.
- Petroleum expert Patrick De Haan said gas prices may keep falling if the U.S. and Iran continue to improve relations.
- De Haan predicts gas prices could drop below $3 a gallon by late 2026 or early 2027.
- Iran is expected to resume selling oil on global markets, which could help increase oil supply and reduce prices further.
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