The average price of a gallon of regular gas in the United States dropped below $4 Thursday, marking the first time prices have been this low since March 30. Photo by John Angelillo/UPI | License Photo
June 18 (UPI) -- The average price of a gallon of regular gas in the United States dropped below $4 Thursday, marking the first time prices have been this low since March 30.
AAA reports the average price of gas has reached $3.99 per gallon following the United States and Iran coming to terms on a peace agreement.
President Donald Trump and Iranian President Masoud Pezeshkian have signed a memorandum of understanding to end the war in Iran. As part of the agreement, the United States will end its naval blockade on the Strait of Hormuz and Iran will also allow ships to use the strait.
After the Strait of Hormuz was blocked, following strikes on Iran by the United States and Israel, gas and oil prices climbed around the globe, setting off a historic shortfall of fuel supply. About one-fifth of the world's gas and oil is transported through the strait.
