US petrol prices ease despite ongoing uncertainties with Iran

US-Iran peace talks ease market volatility but uncertainty keeps oil prices hovering, complicating recovery effortsUnited States President Donald Trump is touting relief at the pump as US gas prices begin to fall ahead of potential peace talks despite ongoing clashes in the Strait of Hormuz.“GAS PRICES ARE COMING DOWN.” Trump wrote on Monday on his social media platform, Truth Social.Recommended Stories list of 4 itemslist 1 of 4Paradise lost: How Israel is making war on West Bank farmerslist 2 of 4If USMCA is not renewed, analysts expect uncertainty for businesseslist 3 of 4Oil prices rise as US, Iranian strikes threaten Strait of Hormuz reopeninglist 4 of 4China slaps export controls on dozens of Japanese entitiesend of listThe average price of a gallon (3.78 litres) of petrol has fallen to $3.86, according to the American Automobile Association (AAA), which tracks daily fuel prices. That’s down from a mid-May peak of $4.48 and has declined since Trump announced the reopening of the Strait of Hormuz in mid-June. Prices remain well above the $2.98 per gallon recorded on February 28, when the United States and Israel first launched strikes on Iran.A renewed diplomatic push between the US and Iran comes after several days of back-and-forth attacks following an Iranian strike on a cargo ship in the waterway, through which roughly a fifth of the world’s oil is normally exportedUncertainty around the peace deal has weighed on oil supply chains, which could keep prices from falling further.oil prices increased by more than one percent on Monday following the latest attacks, but analysts suggest that the renewed peace talks kept prices from jumping higher.“The declines came despite a turbulent week, as fresh attacks were traded between the US and Iran before both sides agreed to halt hostilities just in time Sunday, preventing what could have been a significant spike in oil prices,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a note. “…the situation remains anything but predictable.”