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Gas Price Relief Uncertain as US and Iran Weigh Tentative Ceasefire
Drivers are seeing only modest relief because crude prices fell under $90 a barrel, and analysts say pump prices may lag for weeks.
- On Thursday, U.S. and Iranian negotiators reached a tentative agreement to extend the ceasefire for 60 days and launch nuclear talks, pending approval from President Donald Trump.
- The International Energy Agency reports 20 million barrels of crude oil were shipped through the Strait of Hormuz in 2025, comprising about 25% of the world's seaborne oil.
- Current fuel prices hover around $4.47 per gallon, down from about $4.50 two weeks ago; Treasury Secretary Scott Bessent noted "almost 2,000 ships waiting to come out of the Gulf."
- Secretary of State Marco Rubio denounced the blockade as "unlawful" and "unsustainable for the world," insisting the strait must be open "immediately as soon as anything is agreed."
- Experts like Ed Hirs of the University of Houston caution that stability and lower prices could take "at least eight months," even as The Federal Reserve notes inflation rose 3.8% compared to April of last year.
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26 Articles
26 Articles
Gas prices fall amid US-Iran ceasefire, but significant relief at the pump still weeks away
Falling oil prices are pushing stocks near record highs, but drivers shouldn't expect significant relief at the gas pump just yet.The average fuel price in the U.S. is hovering around $4.47 per gallon, down from about $4.50 two weeks ago. Experts say the decline will be slow, as the gas Americans buy today is refined from crude oil purchased weeks ago at a more expensive price. Even though oil prices have fallen to under $90 per barrel, that eff…
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Total News Sources26
Leaning Left0Leaning Right0Center26Last UpdatedBias Distribution100% Center
Bias Distribution
- 100% of the sources are Center
100% Center
C 100%
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