It's getting a little less painful at the pump, but it's still not exactly cheap. The national average price of regular gas has dipped just under $4 a gallon, AAA says, as a US-Iran ceasefire deal begins to calm oil markets rattled by months of conflict and disruptions in the Strait of Hormuz, reports Axios. For context, that same gallon cost under $3 before the Iran war began at the end of February, and peaked at around $4.50 in May, per the New York Times. Crude prices in June hit a three-month low on expectations that oil shipments through the vital choke point will ramp back up, though analysts say a full return to prewar prices is unlikely anytime soon, Axios notes.
Diesel remains above $5 a gallon, despite recent declines. The political heat hasn't vanished with the price drop. Voters, who largely blamed President Trump for the earlier spike at the pump, are still heading into the midterms with affordability high on their list of concerns. Trump argues that the cost burden is justified to keep Iran from obtaining nuclear weapons, a stance Democrats have used against him, especially after his remarks, "I don't think about Americans' financial situation" and "I love the inflation."
Still, consumer sentiment just logged its first improvement in five months. If crude prices keep falling, gas could follow—but production cuts and shipping chaos mean the market will need time to reset. "Drivers hopeful that the US-Iran framework deal will translate to lower gasoline prices will probably have to wait weeks, or longer, to see meaningful improvement," per the Times. Newsweek notes that a looming tropical storm off the Gulf Coast could add to the delay.
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