US gasoline prices have fallen to about $2.90 per gallon, the lowest level since April 17, after reports that the United States and Iran had reached a peace agreement that could gradually normalize energy exports from the Middle East. President Donald Trump announced on social media that the deal was “now complete,” stating that the Strait of Hormuz would reopen without transit fees and that the Iran blockade would be lifted once the agreement is signed on June 19.
Iranian Deputy Foreign Minister Kazem Gharibabadi also confirmed that an agreement had been reached, but said its terms would remain confidential until the signing ceremony. While the deal has helped ease supply concerns for Gulf producers and shipping companies, significant obstacles must be cleared before full transit through the Strait of Hormuz can resume, including mine removal operations and uncertainty surrounding Iran’s intentions to tighten control over maritime traffic.
Producers further cautioned that a complete recovery in export flows could take months, citing technical and geological hurdles as well as damage to key infrastructure.
