"Brent futures, the global benchmark for crude oil, dropped to around $90 a barrel, down more than $10 from a week ago. U.S. crude is under $85 a barrel after rising above $110 at one point in the conflict."
"If these current prices hold, drivers should soon start to see prices dropping at the pump. The national average for gasoline, currently above $4 a gallon, could drop below $4 as soon as this weekend."
"There's usually a slight delay between when crude prices drop and when gasoline prices follow; individual gas stations have already paid high prices to fill their massive underground tanks, and will try to recoup that cost."
"Even if peace holds, the market disruption can't be immediately corrected. The disruption of trade through the Strait of Hormuz, along with attacks on oil infrastructure in the Middle East, made crude prices highly volatile."
Oil prices declined significantly after Iran announced the Strait of Hormuz was open for commercial traffic. Brent futures fell to around $90 a barrel, while U.S. crude dropped below $85. Analysts predict gasoline prices could decrease from the current national average of over $4 per gallon to between $3.65 and $3.85 in the coming weeks. Although prices are volatile and recovery will take time, immediate relief is expected. The market remains sensitive to geopolitical tensions, which could affect future pricing.
Read at www.npr.org
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