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Average US petrol price falls below $4 on deal to reopen Strait of Hormuz

The average US petrol price has fallen below $4 per gallon for the first time since mid-April, following a US-Iran agreement to reopen the Strait of Hormuz. Oil prices dropped to three-month lows after the deal was announced, though long-term stability remains uncertain. The decline follows three weeks of falling pump prices, with regional variations in relief. Experts caution that full market adjustments may take months.

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What changed

Oil prices fell by about 4% to their lowest point in three months after the Hormuz deal was confirmed, reinforcing the petrol price drop as a direct market reaction.

Live updates

  1. US petrol dips below $4/gallon as Hormuz deal cuts oil prices

    The average US petrol price has fallen below $4 per gallon for the first time since mid-April, following a US-Iran agreement to reopen the Strait of Hormuz. Oil prices dropped to three-month lows after the deal was announced, though long-term stability remains uncertain. The decline follows three weeks of falling pump prices, with regional variations in relief. Experts caution that full market adjustments may take months.

    What's confirmed:

    • The average US petrol price has fallen below $4 per gallon for the first time since mid-April.
    • Oil prices dropped about 4% to three-month lows after the US and Iran agreed to reopen the Strait of Hormuz and end the naval blockade.
    • The decline in petrol prices follows three straight weeks of falling pump prices in the US.
    • Experts warn that petrol prices may take months to stabilize despite the immediate drop.
    confidence 98%

  2. US petrol price drops below $4/gallon as Strait of Hormuz deal takes effect

    The average US petrol price has fallen below $4 per gallon for the first time since mid-April, driven by optimism over a US-Iran agreement to reopen the Strait of Hormuz. Oil prices hit three-month lows after the deal was announced, though experts warn prices may take months to stabilize. The drop follows three straight weeks of declining pump prices, with some regions seeing sharper declines. Uncertainty remains over how long relief will last.

    What's confirmed:

    • The average US petrol price has fallen below $4 per gallon for the first time since mid-April, according to multiple sources.
    • Oil prices sank to their lowest levels in over three months after the US and Iran agreed to end the blockade of Iranian ports and reopen the Strait of Hormuz.
    • US retail gasoline prices dropped below $4 per gallon as optimism grew over the deal’s implementation, marking a politically sensitive threshold.
    • Gas prices have fallen 9.3 cents over the past week, with the national average now under $4.
    • The price drop follows three consecutive weeks of declining pump prices nationwide.
    • Brent crude prices fell over 4% after the deal was announced, while US gasoline prices slipped below $4 as a direct result.

    Still unconfirmed:

    • Experts suggest it may take months for gas prices to return to pre-war levels, citing output ramp-up delays and port bottlenecks.
    • Some analysts remain uncertain about how long the relief at the pump will last, depending on the deal’s full implementation.
    • A former president claimed credit for the gas price drop, though oil reserves remain at a 43-year low.
    confidence 95%