In the upcoming weeks, American drivers are anticipated to experience considerable relief at fuel stations as the Strait of Hormuz opens up in accordance with the US-Iran agreement established on June 17. This development is contributing to a decline in global crude oil prices that had surged due to the conflict. Officials from the Trump administration are highlighting the advantages of this agreement for US consumers, predicting a decrease in national average gas prices by 40 to 50 cents per gallon within the next four to six weeks as the global oil supply stabilizes. The Strait of Hormuz is responsible for approximately 20% of the world's oil and natural gas trade. Its near-total shutdown since March has significantly impacted global supply, leading to US gas prices reaching nearly historic highs, with an average peak of $4.89 per gallon recorded in May 2026. All states in the country are poised to gain from this situation.
