{"id":2353,"date":"2026-06-18T11:37:13","date_gmt":"2026-06-18T11:37:13","guid":{"rendered":"https:\/\/metrotransitreview.com\/?p=2353"},"modified":"2026-06-18T11:37:13","modified_gmt":"2026-06-18T11:37:13","slug":"gas-prices-fall-below-4-for-first-time-in-over-5-months-after-us-iran-agreement-to-reopen-strait-of-hormuz","status":"publish","type":"post","link":"https:\/\/metrotransitreview.com\/?p=2353","title":{"rendered":"Gas prices fall below $4 for first time in over 5 months after US-Iran agreement to reopen Strait of Hormuz"},"content":{"rendered":"
\n

Gas prices across the US have fallen below $4 a gallon for the first time in more than five months.<\/p>\n

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The national average price for regular gasoline dropped to $3.999 per gallon Thursday, according to the American Automobile Association, down nearly 3 cents from the previous day.<\/p>\n

The drop in gas prices comes as the Strait of Hormuz is set to reopen under a memorandum of understanding between the US and Iran aimed at ending the conflict that disrupted global oil supplies.<\/p>\n

It marks the first time the US national average gas price has fallen below $4 since March 30.<\/p>\n

GasBuddy reported the national average at about $3.98 early Thursday after prices dipped below the $4 mark on Sunday.<\/p>\n

Indiana has the lowest statewide average at $3.40 a gallon and is among 28 states where average gas prices are now below $4.<\/p>\n

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President Trump signed the\u00a0US-Iran memorandum of understanding\u00a0on Wednesday over dinner\u00a0at the Palace of Versailles in France.<\/p>\n

Iran\u2019s closure of the key shipping route in late February cut off roughly 20% of the world\u2019s oil supply, sending crude oil and gasoline prices sharply higher.<\/p>\n

\n<\/div>\n

Gas prices climbed above $4 nationwide in late March after most shipping through the strait was blocked.<\/p>\n

The national average peaked at $4.56 a gallon on May 21 before beginning a steady decline as expectations grew that negotiations would lead to the waterway reopening.<\/p>\n

Americans have spent about $46 billion more on gasoline since the start of the conflict, Patrick De Haan, GasBuddy\u2019s head of petroleum analysis, said earlier this week, according to Reuters.<\/p>\n

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US gas prices fell below $4 a gallon for the first time since March as easing fears over global oil supplies and hopes for a Strait of Hormuz reopening helped push fuel costs lower nationwide.<\/p>\n","protected":false},"author":1,"featured_media":2352,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-2353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-news"],"yoast_head":"\nGas prices fall below $4 for first time in over 5 months after US-Iran agreement to reopen Strait of Hormuz - Metro Transit Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/metrotransitreview.com\/?p=2353\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gas prices fall below $4 for first time in over 5 months after US-Iran agreement to reopen Strait of Hormuz - 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