Average gasoline prices in the United States have fallen below $4 per gallon for the first time since March, following a decline in global oil prices after a new agreement between the US and Iran.
According to the motor club AAA, the average price for regular gasoline reached about $3.99 per gallon on Thursday. However, prices are still around 25% higher than they were at the same time last year.
The decline came after President Donald Trump signed an agreement with Iran that includes reducing Tehran’s highly enriched uranium stockpile and lifting some US-backed sanctions on the country.
US crude oil prices have also dropped sharply, falling about 15% this month. Benchmark crude was trading around $80 per barrel, compared with about $67 before the conflict and more than $120 during the height of tensions.
Despite the fall in fuel prices, experts say the recovery of global oil supplies may take weeks or months because shipping through the Strait of Hormuz remains uncertain.
The agreement between Washington and Tehran aims to end hostilities and begins a 60-day negotiation period toward a broader deal on Iran’s nuclear program. However, concerns remain over whether the ceasefire will hold.
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