US gas falls below $4 a gallon as Iran deal eases oil supply fears
What's new: AAA put the national average at $3.99, down for 28 straight days after a May 21 peak of $4.56.
US gasoline prices fell below $4 a gallon Thursday as traders expected more oil to move through the Strait of Hormuz after President Donald Trump signed a deal to end the war with Iran. AAA data showed drivers paid an average of $3.99 nationwide, the first sub-$4 reading since March 30. Prices have declined for 28 straight days after reaching $4.56 on May 21, the longest losing streak since November 2023. The drop reflects easing concerns about a supply shock after Tehran effectively shut the strait by attacking commercial ships in retaliation for US and Israeli strikes on Iran on Feb. 28. Even so, pump prices remain about 30% above levels seen before the conflict, and traffic through Hormuz has not yet returned to prewar levels.