An article summarized by Business Insider:
The average price of gasoline in the United States has fallen below $4 per gallon for the first time since March, according to new data from AAA. The national average now stands at $3.99 per gallon, though prices vary widely by state, with California averaging $5.64 per gallon and Indiana averaging just $3.39.
Gas prices surged earlier this year after the outbreak of the U.S.-Iran war, which disrupted global energy markets and led to the closure of the Strait of Hormuz, a key shipping route that handles roughly 20% of the world's oil and liquefied natural gas. The conflict drove oil prices sharply higher, pushing the national average gas price above $4.50 per gallon in late May.
Prices have declined in recent weeks following a U.S.-Iran agreement aimed at ending the conflict and reopening the Strait of Hormuz. The news helped send global oil prices lower, with Brent crude falling below $78 per barrel after peaking near $120 in March. While gas prices have dropped more than 50 cents from their peak, they remain about one-third higher than before the conflict began, when the national average was around $2.98 per gallon.
