(LOOTPRESS) – After remaining above $4 a gallon for more than three months, the national average price of gasoline has dropped below that mark, offering some relief to drivers heading into the weekend.
According to AAA, the national average price for a gallon of regular gasoline stood at $3.999 as of Friday morning. The decline follows months of elevated fuel costs that began after fighting involving the United States, Israel and Iran escalated in late February.
Gas prices have fallen significantly from this year’s high of $4.56 per gallon. The recent decrease comes as crude oil prices have dropped sharply, with U.S. oil prices falling about 14% over the past five days amid growing optimism that a ceasefire could lead to a longer-term peace agreement.
As of Friday morning, U.S. crude oil was trading at around $75 per barrel, while Brent crude, the international benchmark, was near $79 per barrel.
Despite the recent decline, motorists are still paying substantially more at the pump than they were before the conflict began, with national average gas prices remaining more than 34% higher than late-February levels.
Analysts caution that additional price decreases may be limited. Emergency fuel reserves and commercial stockpiles have helped ease supply concerns, but those reserves have fallen to critically low levels.
Although the United States and Iran have signed and released a memorandum of understanding aimed at ending the conflict, a final agreement depends on a 60-day negotiation period.
In addition, the Strait of Hormuz, a key global shipping route that previously handled more than one-fifth of the world’s energy supplies, remains effectively closed, leaving uncertainty in global energy markets.
