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Hoping a possible peace deal will quickly bring down gas prices? It might take up to a year

The Independent·Rhian Lubin·28 days ago
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Even if a peace deal between Iran and the U.S. is reached imminently, it could still take as long as a year for pre-war gas prices to return, experts warned. President Donald Trump’s war in Iran, now in its ninth week, has seen average gas prices rocket from $3 before the conflict to $4.54 per gallon, according to AAA data. Trump said there is a “very good chance” the conflict will end soon as the two sides wrangle over a peace deal. He has reassured Americans that gas prices will “go down as soon as the war is over.” But experts cautioned it’s not quite so simple. While there would be some relief in the following days if the Strait of Hormuz were to reopen fully , prices would take longer to recover. Tensions have simmered over the Strait, the essential waterway where a fifth of the world’s oil passes through, which is still being blocked by Iran.…

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