US Gas Prices Drop Below $4 After US-Iran Peace Deal Reopens Hormuz
The U.S. national average gasoline price fell below $4 per gallon for the first time since March 2026, following President Trump’s announcement of a peace deal with Iran. The agreement, set to be signed on June 19, 2026, includes reopening the Strait of Hormuz, a critical oil transit route closed since late February. Prices dropped to $3.99, down from a peak of $4.56 in May. Analysts predict further declines to $3.75 by July 4 if the deal holds, though full restoration of tanker traffic may take months.
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Donald Trump Jr. Says Oil Futures Under $70 Thanks To His Dad's Iran Deal: 'Lower Gas Prices Coming For Americans'
Donald Trump Jr. celebrated a sharp drop in oil prices on June 24, 2026, crediting his father President Donald Trump's diplomatic push toward an agreement to end the U.S.-Iran war. Oil futures fell below $70 a barrel as geopolitical risk premiums unwound after progress on reopening the Strait of Hormuz. Trump Jr. predicted lower gas prices for Americans. President Trump separately pressured oil companies on Truth Social, accusing them of gouging customers by not lowering retail prices in step with crude declines. He instructed the DOJ to investigate. At publication, WTI crude was near $69.39 and Brent near $72.52. The national average gas price was about $3.93 per gallon, down from $4.52 a month ago but above $3.22 a year ago. Oil ETFs (USO, BNO) fell sharply over the past month but remain up year-to-date.
Yahoo FinanceTrump Orders DOJ to Investigate Oil Companies for Price Gouging as Gas Prices Lag Crude Drop
Former President Donald Trump announced on Truth Social that he has directed the Department of Justice to investigate major oil companies for alleged price gouging, claiming they are not lowering gasoline prices in line with falling crude oil costs. The U.S. recently lifted its naval blockade of the Strait of Hormuz after a tentative peace deal with Iran, but gas prices have not dropped as sharply as crude. Data from AAA shows crude oil fell over 5% between June 18-24, while gas dropped only 2.5%. Over the past month, crude is down 27% versus a 13% decline in gas prices. The national average gas price stands at $3.92 per gallon, far above Trump's pre-war promise of $2.98. Some California areas still see prices near $5.78. The slow decline poses political challenges for vulnerable Republican allies ahead of November elections.
The New RepublicTrump Orders DOJ Investigation into Oil Companies Over Slow Gas Price Drop
Former President Donald Trump announced via Truth Social that he has ordered the Department of Justice to investigate major oil companies for alleged price gouging, as gasoline prices have not fallen as rapidly as crude oil prices following the lifting of the U.S. naval blockade of the Strait of Hormuz. The U.S. and Iran signed a tentative peace deal last week, leading to a 5% drop in crude prices, but gas prices only fell by 2.5% during the same period. Over the past month, crude oil has dropped 27% while gas fell just 13%. Trump had promised voters that gas prices would plummet 'like a rock' after the conflict ended. The current national average is $3.92 per gallon, well above the pre-war average of $2.98. The article notes the political challenge for vulnerable Republican allies who must justify the economic situation to voters ahead of November elections.
The New RepublicTrump threatens price gouging probe against oil companies as gas prices remain above $3.90
President Donald Trump accused U.S. oil companies of price gouging in a Truth Social post, complaining that gasoline prices have not fallen in line with the sharp decline in global crude oil prices following the U.S.-Iran interim peace deal. Trump said he has instructed the Department of Justice to investigate, warning that 'gasoline prices better start going down a lot faster.' As of Wednesday, the national average gas price was $3.93 per gallon, down from $4.02 last week but still nearly a dollar above pre-war levels. Global crude prices continued to fall, with Brent Crude dropping to $75.65 per barrel, down almost $20 in two weeks. The peace deal reopened the Strait of Hormuz and granted Iran a sanction waiver to sell oil, contributing to the price decline.
Forbes - BusinessTrump Calls for Probe Into U.S. Gasoline Prices After Oil Falls
President Donald Trump announced on June 24, 2026, that he has instructed the U.S. Justice Department to investigate major oil companies for allegedly failing to lower gasoline pump prices in step with falling crude oil costs. In a social media post, Trump accused the companies of 'gouging' customers. This comes as global oil prices have dropped more than 25% in June, driven by optimism over an interim U.S.-Iran deal that eased shipping disruptions through the Strait of Hormuz. U.S. average gasoline prices have fallen to $3.928 per gallon from $4.515 a month ago, according to AAA. The Iran war, which began in late February, had choked off 20% of global oil supplies, pushing gasoline prices to highs not seen since July 2022 and contributing to the highest U.S. inflation in three years. The article notes that gasoline prices adjust with a lag due to supply chain processing times.
Yahoo FinanceTrump Orders Justice Department Probe Into Gas Station Price Gouging
President Donald Trump has ordered the U.S. Department of Justice to investigate possible price gouging at fuel stations, claiming that major oil companies are not lowering pump prices in line with falling crude oil costs. In a social media post, Trump stated that crude oil prices are 'dropping like a rock' but consumers are being 'gouged.' The announcement comes as U.S. gasoline prices have declined for six consecutive weeks amid diplomatic efforts to resolve the conflict between the U.S., Israel, and Iran. The national average for regular gasoline fell to $3.85 per gallon, driven by a slide in crude oil prices as traders anticipate a reversal of the Strait of Hormuz tanker traffic paralysis. Brent crude traded at $76.46 per barrel and West Texas Intermediate at $72.61 per barrel at the time of reporting. Analysts attribute the price decline to positive signals from the Persian Gulf and hopes of easing U.S.-Iran tensions.
Yahoo FinanceAverage US Gas Price Drops Below $4 for First Time Since March After US-Iran War Agreement
The average price of a gallon of gasoline in the United States has fallen below $4 for the first time since March 30, according to AAA, following a preliminary agreement between the U.S. and Iran to end their war. Gas prices had surged from $2.98 before the war to a peak of $4.56, driven by the closure of the Strait of Hormuz, which carried about 25% of global seaborne oil trade. Prices have declined for nearly four consecutive weeks, just in time for the summer driving season. President Trump highlighted the drop at the G7 summit in France, predicting prices would fall much lower. However, analysts warn that the decline may be slow due to caution among oil and gas companies. Kpler analyst Matt Wright estimates that tanker entries into the Persian Gulf could reach around half of pre-war levels within 30 days, suggesting a gradual recovery in supply.
Yahoo FinanceHere’s When Gas, Airfares And Groceries Could Become Cheaper After Iran War Deal
The U.S. and Iran have signed an interim peace deal that could end a monthslong conflict and reopen the Strait of Hormuz, through which about one-fifth of global oil flows. While U.S. gas prices have fallen below $4 per gallon after peaking at $4.56 in May, analysts warn that consumer prices—including gas, airfares, and groceries—will take months to years to return to pre-war levels. GasBuddy's Patrick De Haan estimates pre-war gas prices may not be reached until mid-to-late 2027. Economist Mohamed El-Erian cautioned against giving an 'all clear,' citing economic scarring. The price of a basic grocery basket rose over 55% between June 2020 and April 2026, with coffee, beef, and orange juice hitting record highs. Consumer sentiment hit a record low in May, and President Trump dismissed affordability concerns as a 'fake word,' despite inflation reaching a three-year high of 4.2% annually.
Forbes - BusinessU.S. average gas price falls below $4 for first time in months after U.S.-Iran MOU on Strait of Hormuz
On Thursday, the national average price of regular gasoline in the United States fell below $4 per gallon for the first time in several months, reaching approximately $3.99. This decline follows the signing of a memorandum of understanding (MOU) between the United States and Iran, which calls for the reopening of the critical Strait of Hormuz. The strait is a vital maritime chokepoint for global oil shipments, and its reopening is expected to ease supply concerns and lower fuel costs. The price drop marks a significant milestone for American consumers, who have faced elevated gas prices for much of the year. The MOU signals a potential diplomatic breakthrough between the two nations, with direct implications for energy markets and geopolitical stability in the Middle East.
Just In NewsGas prices fall below $4 per gallon as oil supply fears ease after Iran deal
U.S. gas prices have dropped below $4 per gallon for the first time in months, driven by easing oil supply fears following a deal with Iran. The agreement, signed by President Trump, involves reopening the Strait of Hormuz, a critical chokepoint for global oil shipments. This development has alleviated concerns about supply disruptions, leading to a decline in crude oil prices and subsequently lower gasoline costs for American consumers. The price drop provides relief to drivers who have faced high fuel costs for an extended period. Multiple news outlets, including CNBC, The New York Times, The Washington Post, Axios, and CNN, have reported on this trend, highlighting the impact of geopolitical factors on energy markets.
Top stories - Google NewsUS Gas Prices Drop Below $4 as Iran Deal Eases Oil Supply Fears
US gasoline prices fell below $4 per gallon for the first time since March 30, reaching $3.99 on average, according to AAA. This marks the 28th consecutive day of decline after peaking at $4.56 on May 21, the longest such streak since November 2023. The drop follows President Donald Trump signing a deal to end the war with Iran, which is expected to gradually increase oil exports through the Strait of Hormuz. The US Navy has been assisting oil tankers through the strait since early May. However, prices remain 30% higher than before the US and Israel attacked Iran on February 28, which led Tehran to effectively close the strait by attacking commercial ships, triggering the biggest oil supply disruption in history. About 20% of global oil supplies passed through Hormuz before the war. It remains unclear when traffic will return to prewar levels.
US Top News and AnalysisU.S. gas prices drop below $4 a gallon after Iran deal
The national average price for a gallon of regular gasoline in the U.S. fell below $4 on June 18, 2026, for the first time since late March, following a U.S.-Iran agreement to reopen the Strait of Hormuz and end hostilities. AAA recorded the average at $3.999, down from $4.03 the previous day. Despite the drop, prices remain about a third higher than before the war began in late February, when the average was just below $3. Prices peaked at $4.56 on May 21. Analysts note that restoring tanker traffic through the strait could take three to four months, and rebuilding depleted stockpiles will take longer. Gasoline prices are falling slowly—about two cents per day—compared to their rapid rise. Futures markets do not expect crude to return to pre-war levels below $70 per barrel this decade. The U.S.-Iran memorandum halts hostilities for 60 days, but President Trump warned the deal is not final and could be reversed if Iran does not comply.
Yahoo FinanceWhen gas prices will drop if U.S.-Iran peace deal holds
A tentative peace deal between the U.S. and Iran to end the Iran war has been announced, with President Trump confirming the agreement and the White House stating it will be signed Friday. The deal is expected to reopen the Strait of Hormuz, a vital oil shipping channel that has been at a standstill for nearly four months. As a result, oil prices have fallen and gas prices are already declining. The national average for a gallon of gas was $4.06 on Monday, down from $4.52 a month ago. GasBuddy's Patrick De Haan predicts an optimistic timeline of $3.75 per gallon by the Fourth of July if the deal holds. However, experts warn that price drops will be gradual due to factors like summer demand, high-cost inventory at stations, damaged Middle Eastern infrastructure, and cautious insurers. Diesel prices are also dropping, which could lower consumer goods costs.
Yahoo FinanceGas prices edge toward $4 a gallon as 'real test' shifts to Hormuz reopening
Gasoline prices in the US are approaching the $4 per gallon mark, with the national average dropping to $4.04, down $0.13 from a week ago and $0.47 from a month ago. At least 24 states, particularly in the Midwest, Great Lakes, and South, have already seen prices fall below $4. The decline follows the announcement of a US-Iran truce agreement that includes the reopening of the Strait of Hormuz, a critical oil transit route that has been nearly at a standstill since the start of the Middle East conflict. The agreement is expected to be formally signed on Friday. Analysts caution that while oil futures have fallen sharply—Brent crude near $80 and WTI below $77—it will take weeks for meaningful declines at the pump. GasBuddy's Patrick De Haan noted that the reopening of Hormuz is the 'real test' for durable relief, while Gulf Oil's Tom Kloza predicted prices could reach $3.75 per gallon by the July 4th weekend.
Yahoo FinanceU.S. Average Gasoline Prices Slide Below $4 Per Gallon Amid US-Iran Peace Deal
The national average price of gasoline in the U.S. has fallen below the politically sensitive $4-per-gallon threshold for the first time in months, according to GasBuddy data. As of June 15, 2026, the average stands at $3.99 per gallon, down 9.3 cents over the last week and 52.4 cents from a month ago. The decline follows President Trump's announcement of a US-Iran peace deal, which sent oil prices sharply lower. Analyst Patrick De Haan noted that the national average could fall to $3.75 by July 4 if the agreement holds and the Strait of Hormuz reopens. However, he cautioned that hurricane season and tight global inventories remain wildcards. Diesel prices also fell, averaging $5.182 per gallon. The price relief comes ahead of midterm elections, providing a boost to consumer sentiment.
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