Gas Prices Dip Below $4 — Still 25% Higher
US gas prices have dropped below $4 a gallon for the first time since March, according to the Associated Press, as markets react to the new ceasefire agreement between the United States and Iran. Despite the relief, prices remain roughly 25 percent higher than this time last year, a lingering effect of months of disruption tied to the Strait of Hormuz crisis. Energy analysts say the drop reflects easing fears over oil supply, but caution that full normalization depends on whether shipping fully reopens through the Strait. American drivers are seeing the difference at the pump, but economists warn the relief could be temporary if tensions resurface. Households are watching closely heading into peak summer driving season. WooGlobe Ref : WGA360388
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An escalation in fighting there jeopardized the chances that an interim agreement to end the Iran war would turn into a lasting peace deal.
