Gasoline prices in the US fell below $4 per gallon for the first time since July

According to American Automobile Association (AAA) data, the average gasoline price across the country fell 4.1 percent compared to a week ago and 8.9 percent compared to a month ago.

Although gasoline prices decreased, they remained 29.6 percent above their level in the same period last year.

The decline in crude oil prices and the seasonal decrease in demand were effective in the decline in fuel prices.

The barrel price of Brent oil for January delivery briefly fell below 90 dollars due to expectations that the tension between the USA and Iran may decrease.

US President Donald Trump announced at the press conference held at the White House yesterday that he did not think there was a need for a new military operation against Iran at the moment.

Stating that the war with Iran is in the process of ending, Trump said, "We are seeing momentum towards the end of this conflict. I think it will end pretty soon." made his assessment.

Trump's statements eased concerns about oil supply in the Middle East, putting downward pressure on prices.

Data released today by the US Department of Labor also revealed that the increase in energy prices slowed down in October.

Consumer Price Index (CPI) in the USA increased by 0.4 percent on a monthly basis in October, exceeding market expectations.

Looking at the sub-items of the index, the energy index increased by 0.7 percent in October, following the 5.2 percent increase in September. The gasoline index also increased by 1 percent in October, following the 9.1 percent increase recorded in September.