Maryland Gas Prices Drop Amid Impending U.S.-Iran Deal
AAA said the national average fell 1.5% to $4.06 a gallon as easing U.S.-Iran tensions pushed oil prices lower.
- The national average price of regular gasoline has fallen for three consecutive weeks, reaching $4.06 per gallon by Monday morning, according to AAA data.
- Gas prices spiked from less than $3 in February after the start of the US-Iran war, which crippled global oil supply by closing the Hormuz Strait through which about 20% of the world's oil flows.
- Brent crude fell to around $83 per barrel from nearly $120 in April, while West Texas Intermediate dropped more than 4% to below $90 per barrel following the confirmed truce.
- President Donald Trump announced a deal Sunday to end the standoff with Iran, with signing expected as early as Friday in Switzerland to reopen the Hormuz Strait.
- DOE Undersecretary Alessandro Sales said restoring supply could take "six to 12 months," while repairing Middle East energy infrastructure will cost an estimated $58 billion after retaliatory attacks.
23 Articles
23 Articles
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