Gasoline prices at the pump declined slightly over the past week, falling from $4.15 per gallon to $4.07 on Friday as oil prices dropped amid a ceasefire in Iran, according to data from the American Automobile Association (AAA).
“After last week’s announcement of a two-week ceasefire between the U.S. and Iran, the price for a barrel of crude oil has continued to trade below $100,” AAA said in an April 16 statement.
“However, maritime traffic transiting the Strait of Hormuz remains subdued as regional tensions persist and negotiations continue.”
The ceasefire in the U.S.–Israel war against Iran was announced late on April 7. Brent crude oil futures had ended the day at around $109 per barrel. On Wednesday, prices fell to roughly $90 per barrel. Oil was trading at $96.24 per barrel as of 06:55 a.m. EDT on Friday….