US gas falls below $4 as Strait of Hormuz reopens
Good news at the pump: US gas prices just dropped below $4 a gallon, after a reported temporary agreement between the US and Iran reopened the Strait of Hormuz, a major route for oil shipments.
With crude oil now under $80 a barrel, filling up is a bit less painful.
US gas eased but uncertainty remains
Several things helped bring prices down: record US oil exports, weaker demand from China, and smoother shipping through Hormuz.
Even so, gas is still pricier than before recent conflicts and isn't expected to fully settle until next year.
High fuel costs had been squeezing household budgets and driving up inflation, so this dip feels like a win for President Trump—who pointed to the White House's moves like suspending the Jones Act and tapping into reserves.
Analysts say low gas inventories could keep things unpredictable for now.