US Gasoline Falls Below $4 as Iran Deal Drives Oil to Lowest Since War Began
The national average US gasoline price fell below $4 a gallon for the first time since late March, slipping to about $3.96, as oil dropped to its lowest level since the US-Iran war began after Washington and Tehran signed a deal to end hostilities and reopen the Strait of Hormuz.
The move extends a broader oil selloff that had already pushed WTI below $75 a barrel and Brent under $80 as traders bet Gulf supplies will recover. Kuwait has started ramping up production and plans to reach 2 million barrels a day within a week, from 0.5 million b/d during the war, signaling a faster supply recovery, though US gasoline prices remain above pre-war levels.
From the sources (25 posts)
@gasbuddyguyDecline in oil prices the last ~3.5 weeks: 12.4% Decline in average U.S. gas prices the last ~4 weeks: 11.9%- there is a lag- today's drop in oil will extend gasoline's decline, but they are close in tracking together.
@businessOil prices tumbled after the US and Iran agreed an interim peace deal — but key questions about the Strait of Hormuz remain Alex Longley explains
@oilandenergyAnd WTI is back below $80 per barrel as markets are giving the Memorandum of Understanding between the U.S. and Iran a chance.
@oilheadlinenewsPressure on the Federal Reserve to hike interest rates this year is easing after the US and Iran said they reached a deal to reopen the Strait of Hormuz, according to Leslie Falconio of UBS - Bloomberg
@firstsquawkUS CRUDE SETTLES DOWN 4.87% AT $80.75/BBL, SHEDDING $4.13.
@financialjuiceNYMEX WTI Crude July futures settle at $80.75 a barrel, down $4.13, 4.87%.
@staunovoWTI settled at USD 80.75/bbl #oott
@financialjuiceBrent Crude futures settle at $83.17/bbl, down $4.16, 4.76%.
@staunovoBrent settled at USD 83.17/bbl #oott
@tomklozaSea change in Citi views on oil. Prior to MOU, they had $110/$90/$80/bbl for 3Q, 4Q and 2027. Now they see $75/$70/$65/bbl for those intervals and suggest that "summer rallies" be sold.
@firstsquawkBRENT CRUDE SETTLES DOWN 4.76% AT $83.17/BBL, SHEDDING $4.16.
@reutersOil prices fell on news of a framework agreement between the US and Iran to end their war and reopen the Strait of Hormuz, though industry officials said a return to pre-war production and refining levels could take weeks, months or even ye
@oilheadlinenewsCiti on Monday cut its average Brent crude forecasts to $75 and $70 per barrel for the third and fourth quarters of 2026, respectively, citing expectations that the Strait of Hormuz trade flows will resume and normalize after the U.S. and
@polymarketJUST IN: Morgan Stanley cuts its Dated Brent forecast to $90 for Q3, $80 for Q4 as the Hormuz deal revives supply expectations.
@barnes_lawRT @staunovo: Shipowners will not resume transit through the Strait of Hormuz for weeks until they are confident that the US-Iran deal is “…
@dlacalle_iaOil Suffers Worst Run This Year as Hormuz Deal Reshapes Outlook.
@reutersShippers in Asia and Europe said confidence in resuming transit through the Strait of Hormuz could take weeks to rebuild and navigation will only restart once safety is assured, after the US and Iran agreed on a framework deal to reopen the
@reutersDoubts swirled around the US-Iran interim deal to end the war in the Middle East as shippers said it could take weeks for confidence to return after any reopening of the Strait of Hormuz, and fundamental questions remained unanswered https:
@wallstengineFT reports the head of Mitsui OSK Lines expects Strait of Hormuz flows to take “at least a couple of weeks,” possibly a month, to resume. A US-Iran deal may ease headline risk, but tanker operators still need proof the route is materially
@reutersbizWATCH: Shippers in Asia and Europe said confidence in resuming transit through the Strait of Hormuz could take weeks to rebuild and navigation will only restart once safety is assured, after the US and Iran agreed on a framework deal to reo
@financialjuice🔴 Qatar to restore 80% of LNG production within two months.
@financialjuice🔴 Qatar to restore half of LNG output a month after Hormuz opens.
@firstsquawkQATAR TO RESTORE HALF OF LNG OUTPUT A MONTH AFTER HORMUZ OPENS QATAR TO RESTORE 80% OF LNG PRODUCTION WITHIN TWO MONTHS
@osint613Qatar says 80% of its LNG production will be restored within two months.
@wallstengineQatar is expected to restore 50% of LNG output a month after the strait opens, and 80% within two months.