American consumers are hunting for cheaper gas following President Donald Trump’s announcement of a two-week ceasefire between the United States, Israel, and Iran, contingent on reopening the Strait of Hormuz.
It’s unclear if they'll find it any time soon.
Pentagon Chief Pete Hegseth told reporters April 8 the American military had “done its part for now,” but “remains ready” to resume fighting if Iran violates the ceasefire agreement. While negotiations take place, Iran has agreed to allow "safe passage" through the waterway that typically carries about 20% of the global oil supply, where nearly all traffic has been disrupted since the start of the war.
More: US, Iran declare victory after ceasefire announcement. Live updates.
But fuel prices could continue to rise for months even after the strait reopens, according to the U.S. Energy Information Administration.
