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The American Flag flies next to a One9 Fuel Stop sign displaying gas prices for diesel and unleaded gas in Wilmington, Ohio, Wednesday, June 10, 2026. (AP Photo/Carolyn Kaster)
POLITICS
Gas prices fall below $4 national average for the first time since mid-April following Iran deal
BY Susan CarpenterInternational
PUBLISHED 1:12 PM ET Jun. 15, 2026PUBLISHED 1:12 PM EDT Jun. 15, 2026
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One day after President Donald Trump announced a deal with Iran to reopen the Strait of Hormuz, gas prices are falling.
The national average for a gallon of regular gas is now below $4 for the first time since mid-April, according to GasBuddy.com.
What You Need To Know
- One day after President Donald Trump announced a deal with Iran to reopen the Strait of Hormuz, gas prices are falling - The national average for a gallon of regular gas is now below $4 for the first time since mid-April, according to GasBuddy.com - Oil prices quickly dropped following Trump’s announcement that the U.S. and Iran had agreed on the framework of a deal to reopen the strait and end the war that began when the U.S. and Israel attacked Iran on Feb. 28 - Analysts say it will take months even after the full reopening of the Strait of Hormuz for the global energy crisis to ease
Gas prices have fallen 9.3 cents over the past week and 52.4 cents compared with a month ago. The national average now stands at $3.99, GasBuddy Senior Petroleum Analyst Patrick De Haan said Monday in his Fuel Insights newsletter.
“The decline came as oil prices moved sharply lower in reaction to news of a potential deal between the United States and Iran, though it remains to be seen whether the agreement will hold,” he wrote. “The real test now shifts to the Strait of Hormuz, where any reopening and resumption of normal oil flows would be the clearest signal that this relief is durable.”
De Haan said he expects the national average to continue falling as long as “the U.S. and Iran continue moving in a positive direction.”
Oil prices quickly dropped following Trump’s announcement that the U.S. and Iran had agreed on the framework of a deal to reopen the strait and end the war that began when the U.S. and Israel attacked Iran on Feb. 28.
The price of Brent crude oil fell $4.30 to about $83 per barrel in early trading Monday — the lowest it’s been since early March. Over the past week, Brent crude prices have fallen nearly 12%, De Haan said.
During a press briefing on the Iran deal Monday, a senior U.S. official said the price of Brent reflected a market consensus on how quickly things will get back online.
But De Haan cautioned that gas prices won’t immediately follow the drop in oil prices, which are currently more than 20% higher than before the war began and 40% more than at the beginning of 2026.
During peacetime, about 20% of the world’s oil traveled through the Strait of Hormuz. Analysts say it will take months even after its full reopening for the global energy crisis to ease.
Details of the deal have not yet been released, but a senior U.S. official speaking on background said that it provides for the immediate reopening of the strait with the combined lifting of the U.S. naval blockade.
The official said it will take time to restore travel through the strait because some of the water has mines and ships have different risk tolerances.
The official said some crews have been traveling through the strait over the past couple weeks, allowing about $7 million worth of oil to travel daily.
He expects strait traffic will ramp up slowly and return to normal in about two weeks.
The Associated Press contributed to this report.
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