A new US-Iran deal has reopened the Strait of Hormuz, allowing ships to move after 110 days of conflict. However, experts warn that consumers should not expect gas prices to drop soon due to ongoing shipping risks and disrupted global oil supply.
US drivers are seeing relief as national average gas prices dropped below $4 a gallon on Thursday, driven by falling oil prices and a tentative peace agreement between the US and Iran. Despite the decrease, prices remain higher than pre-war levels.
A peace deal between Iran and the US signed on June 18 aims to end their war and reopen the Strait of Hormuz. While fuel and airfare prices may fall, uncertainty over Iran's nuclear program and energy costs could impact inflation and interest rates.
A recent US-Iran war deal aims to end conflict and reopen the Strait of Hormuz, potentially lowering fuel and airfare prices. However, deferred negotiations on Iran's nuclear program raise questions about the agreement's longevity and its full economic impact.
Despite falling gas prices following the end of the war in Iran, Democrats are highlighting the broader cost of living crisis, blaming President Trump's policies for inflation on essentials like food, housing, and childcare. They aim to leverage these issues in upcoming elections.
A new poll reveals Donald Trump's economic approval rating has fallen to 33%, a record low and below Joe Biden's lowest point of 36%. This decline is linked to the war with Iran, rising fuel prices, and inflation, despite Trump's claims of economic strength.
Gasoline prices in the U.S. fell below $4 per gallon on Thursday, reaching an average of $3.99, the first time since March 30. This decline follows a 28-day streak of falling prices, attributed to an expected increase in oil exports through the Strait of Hormuz after President Trump signed a deal with Iran.
US average gas prices fell below $4 per gallon for the first time since March, following an agreement with Iran on its nuclear program and sanctions relief. Crude oil prices have also dropped significantly this month.
I future sul gas per luglio scendono sotto i 41 euro/MWh, toccando i 40,39 euro, a causa dell'annuncio di un accordo tra USA e Iran da parte di Donald Trump.
Natural gas prices are recovering due to lower stored gas, increased power sector use, and rising US LNG exports. Future growth is anticipated with new export facilities and growing demand from data centers, signaling a significant market shift.
US crude oil futures dropped below $80 a barrel, nearing March lows, following news of a tentative agreement to reopen the Strait of Hormuz. While consumers may see relief at the gas pump within a week, broader price reductions across the economy are not expected immediately due to slower adjustments in groceries and other goods.
A Reuters/Ipsos poll shows President Trump's approval among rural Americans has dropped to 50% from 60% a year ago. Factors cited include rising costs for groceries and gas, impacted by global events and administration policies like tariffs and trade disruptions.
Global oil prices have fallen to a three-month low and stock markets have reached record highs amid optimism that a US-Iran peace deal could resolve the energy supply crisis. Brent crude dropped 4% to $83 as hopes rise for the reopening of the Strait of Hormuz.
Global oil and gas markets have seen prices fall after a US-Iran peace deal was confirmed, potentially reopening the Strait of Hormuz. Brent crude dropped to $83 a barrel and gas prices fell 6%, easing fears of severe economic consequences.
Global oil prices dropped to a three-month low and stock markets rallied amid optimism over a potential US-Iran peace deal that could reopen the Strait of Hormuz and ease energy supply concerns. Brent crude fell below $83 a barrel, while wholesale gas prices declined in Europe.
Energy experts predict it will take months for companies to resume operations and meet global demand due to slow shipping, refining, and uncertainty over safe passage through the Strait of Hormuz. Oil prices slipped following the deal announcement, but remain elevated.
Energy expert Tobias Federico explains how algorithms trading on social media information, including posts by Donald Trump, are causing extreme volatility in gas prices, impacting end consumers. While physical shortages are not expected, price competition may intensify as storage filling begins.
US consumer sentiment rose in June due to easing gas prices, but remains historically low. Despite economic resilience and a strong stock market, many Americans feel financially strained. The sentiment shift, seen across demographics, is expected to influence the upcoming midterm elections.
Gas prices in Amsterdam, a key European benchmark, have fallen sharply, with July futures down 7% to 46 euros per Megawatt-hour. Oil prices also dropped, with New York crude losing 4% to trade below $85 per barrel, influenced by the impending US-Iran deal.
The reference price for gas in France will increase by 7.4% on July 1st, adding an average of €2.70 to monthly bills for about 6 million households. This rise is attributed to higher gas market prices influenced by the Middle East conflict and increased distribution tariffs.
Inflation hit a three-year high in May, driven by soaring gas prices, posing a challenge for the Federal Reserve and the Trump administration as midterm elections approach. Consumer prices rose 4.2% year-over-year.
Oil executives warn the White House of impending gas price spikes due to the Strait of Hormuz closure, straining global oil inventories, despite the administration's efforts to mitigate the crisis.
Chicago taxis now have a temporary fuel surcharge ($1, $2, or $3 based on trip cost) to offset rising gas prices, alongside other fare increases (rush-hour, overnight, cleanup) and base rate adjustments to support the struggling taxi industry.
Gas prices in Amsterdam, the benchmark for Europe, remain stable. The July natural gas futures closed slightly below par at €48.8 per Megawatt-hour.
