U.S. gasoline slips below $4 a gallon for first time since April

U.S. average retail gasoline prices fell below $4 a gallon for the first time since mid-April, reflecting easing supply-risk concerns. The decline follows optimism that a preliminary U.S.-Iran deal could reopen the Strait of Hormuz, a critical chokepoint for global oil flows. The news is supportive for consumers and potentially bearish for crude and gasoline prices if supply fears continue to recede.

Analysis

U.S. average retail gasoline prices fell below $4 a gallon for the first time since mid-April, reflecting easing supply-risk concerns. The decline follows optimism that a preliminary U.S.-Iran deal could reopen the Strait of Hormuz, a critical chokepoint for global oil flows. The news is supportive for consumers and potentially bearish for crude and gasoline prices if supply fears continue to recede.