In the 10 days since the U.S. signed a memorandum of understanding with Iran to reopen the Strait of Hormuz, there's been some relief at the pump.
The national average for a gallon of gas now sits at $3.90.
That drop comes as the price of Brent crude oil has fallen significantly since the ceasefire was extended, but gas prices are not falling as quickly.
Experts say prices are unlikely to return to pre-war levels until next year at the earliest.
“It's not a light switch, it's not going to happen overnight,” said gGasBuddy's Patrick De Haan. “We'll see lower prices, but we probably won't see pre-war prices until potentially early 2027.”
According to De Haan, it’s likely to take weeks for shipments through the strait to return to pre-war frequencies, and it could take months for oil reserves to be replenished.
President Donald Trump is not pleased with that delay, accusing oil companies of price gouging customers and directing the Department of Justice to investigate, as he promises lower prices are coming soon.
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Even as gas prices fall, the major concern is the safety of the Strait of Hormuz.
On Thursday, Iranian forces struck a container ship in the strait, forcing officials to pause evacuation plans for other ships stranded there. And Friday, the U.S. military struck targets in Iran in response.
Any actions that trigger the strait to close again would almost certainly push gas prices up once more.
