Gas prices edge toward $4 a gallon as 'real test' shifts to Hormuz reopening

2 hours ago 4

Tue, June 16, 2026 astatine 10:13 AM CDT 2 min read

Gasoline prices dropped toward the $4 per gallon threshold connected Tuesday arsenic lipid futures concisely dropped beneath $80 for the archetypal clip since March.

The nationalist mean astatine the pump dropped to $4.04 per gallon, according to AAA data. Prices dropped $0.13 from a week ago, and $0.47 from 1 period ago.

At slightest 24 states person already seen mean prices autumn beneath $4 per gallon, including overmuch of the Midwest and Great Lakes region, arsenic good arsenic the South.

The diminution is simply a invited alleviation for drivers who conscionable past period saw gasoline prices hover astir 40% higher from a twelvemonth ago.

The driblet follows the announcement of a US-Iran truce agreement, which includes the reopening of the Strait of Hormuz, the captious lipid transit way that has been astatine a adjacent standstill since the commencement of the Middle East conflict. The statement is expected to beryllium formally signed this Friday.

"The existent trial present shifts to the Strait of Hormuz, wherever immoderate reopening and resumption of mean lipid flows would beryllium the clearest awesome that this alleviation is durable," said Patrick De Haan, caput of petroleum investigation astatine GasBuddy, connected Monday.

76.28 -3.16 (-3.98%)

As of 11:10:01 AM EDT. Market Open.

CL=F BZ=F

Brent crude lipid (BZ=F) fell much than 3% connected Tuesday to hover adjacent the $80 threshold, portion WTI crude (CL=F) crossed beneath $77. Despite the crisp decline, it volition instrumentality a fewer weeks earlier a meaningful nationalist mean diminution astatine the pump crossed the country.

"Retail gasoline conscionable doesn't determination that fast, $3.75/gal possibly by July 4th weekend," wrote Tom Kloza main lipid expert astatine Gulf Oil connected X connected Tuesday.