Oil prices have plummeted following news of a US-Iran deal that is meant to reopen the Strait of Hormuz, but US drivers probably will have to wait a while for cheaper gasoline. Traders and analysts say that prices are unlikely to fall to pre-crisis levels until stockpiles of crude oil and gasoline are replenished, which probably won’t happen before the end of 2026.
Oil prices have plummeted following news of a US-Iran deal that is meant to reopen the Strait of Hormuz, but US drivers probably will have to wait a while for cheaper gasoline. Traders and analysts say that prices are unlikely to fall to pre-crisis levels until stockpiles of crude oil and gasoline are replenished, which probably won’t happen before the end of 2026.
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