National average gasoline prices fall to $4.04 per gallon ahead of expected Strait of Hormuz reopening this week.
Gasoline prices declined to a national average of $4.04 per gallon, down $0.13 from last week and $0.47 from a month ago. The drop follows a brief dip in oil futures below $80, the lowest since March, as a US-Iran truce agreement nears finalization.
At least 24 states, including much of the Midwest and South, now report averages below $4 per gallon. Prices remain roughly 40% higher than a year ago, though analysts expect further declines if the Strait of Hormuz reopens as planned.
Brent crude fell over 3% to near $80, while WTI dropped below $77. Market observers caution retail prices may take weeks to reflect the decline, with some forecasting $3.75 per gallon by early July.