"U.S. average gasoline prices may not return to pre-Iran war levels under $3-per-gallon until next year, Energy Secretary Chris Wright said Sunday morning. But prices have likely peaked, and they'll start going down, certainly with a resolution of this conflict, you'll see prices go down."
"U.S. gasoline prices reached their highest point so far this year at $4.16 per gallon earlier this month and now are at $4.05, per AAA data. The highest point this year is still about $1 below the Biden-era peak in 2022."
Crude prices are elevated due to ongoing oil transit restrictions, affecting U.S. drivers who are linked to the global oil market. Brent crude is priced at $95.42, while WTI is at $89.77. Recent U.S. actions include seizing an Iranian-flagged ship amid tensions in the Gulf of Oman. Analysts express skepticism about restoring confidence for ship owners. Energy Secretary Chris Wright predicts gasoline prices may not drop below $3 per gallon until next year, although he believes prices have peaked and will decline with conflict resolution.
Read at Axios
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