US EditionGas Prices Fall for Second Day as Iran Ceasefire Eases Oil Pressure
Wholesale gasoline futures dropped 10% and WTI fell 16% after Trump’s Iran truce eased supply fears, but analysts said pump prices will lag.
- On Tuesday, April 7, President Donald Trump announced a two-week ceasefire with Iran, allowing ships through the Strait of Hormuz; West Texas Intermediate futures for May fell about 16% to below $95 a barrel by Wednesday.
- Prices surged after U.S. and Israeli airstrikes against Iran began February 28, escalating regional conflict and closing the Strait of Hormuz, through which about 20% of global oil trade normally passes.
- AAA fuel analyst Bryan Jajkowski said, "The change isn't instant," noting that gas stations often sell costlier inventory before lowering prices, delaying consumer relief despite crude's decline.
- The ceasefire appears fragile, as Iran sealed the channel again on April 8, and Susannah Streeter of Wealth Club warned that "allowing more tankers through won't relieve the energy squeeze immediately."
- Economist Joe Brusuelas estimates the conflict adds $1,350 to average annual household energy costs, an effective tax increase; every 10% fuel increase can push food prices up 2% to 3%.
18 Articles
18 Articles
Here's why Trump's ceasefire won't pull down gas prices right away
Motorists pump gas at a Murphy's USA gas station after a barrel of oil passed the $100 mark for the first time in four years.Brandon Bell/Getty ImagesThe US-Iran ceasefire has tanked crude prices, but it won't bring down prices at the pump overnight.West Texas Intermediate futures fell 16% to under $95 a barrel, and wholesale gas futures fell 10%.It will take time for gas prices to fall after weeks of shipping delays and military strikes.Crude f…
Cost of gas reduces overnight but overall prices still high – Energeticcity.ca
Gas prices reduced overnight in Fort St. John to $1.80 per litre on April 8th. (Jordan Prentice, Energeticcity.ca) FORT ST. JOHN, B.C. —The price of gas in Fort St. John has reduced a little overnight as Trump and Iran start to negotiate a possible ceasefire, but the overall average price of gas is still high. As per gas price app GasBuddy, gas prices are down 2.5 cents from yesterday, April 7th. It says the price of unleaded gas in Fort St. J…
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