Gas prices in the U.S. have been on a decline as the U.S.-Iran Memorandum of Understanding (MoU) led to the reopening of the Strait of Hormuz, sending oil prices down to inch closer to pre-war levels.
Gas Prices Drop, But Strait Of Hormuz Remains Key GasBuddy analyst Patrick De Haan, in a post on X on Monday, said that the national average price of a gallon of gas was falling and reaching "a 6-week decline." Read Also: Iran's Foreign Minister Says Trump Has Lifted Strait Of Hormuz Blockade, Waived Oil Export Curbs As Lebanon 'Deconfliction' Test Begins "Diesel fell 19.2c/gal over the last week to $4.99/gal," he said in the post.
However, De Haan warned that uncertainty over the Strait could pose challenges for the supply chain and lead to a slowdown in the decline.
"With new concerns over the Strait, we may see the decline slow, but it may not reverse yet," he said.
Data from Vesselfinder at press time showcased multiple ships passing through the Strait.
