Pain at the pump is easing.
The average price of gas across the US has fallen for three consecutive weeks, and continued to fall on Monday, according to AAA data.
"The national average for a gallon of regular has been falling for three straight weeks, delivering some relief to drivers during the busy summer travel season," AAA said in a statement on Friday.
At the time of AAA's release, the average price of a gallon of gas nationwide was $4.12, down from a high of $4.56 in May. By Monday morning, the average price had fallen a further 1.5% to $4.06.
Gas prices spiked from less than $3 in February after the start of the US-Iran war. The war crippled global oil supply by leading to the closure of the Strait of Hormuz, a critical Iran-controlled waterway through which about 20% of the world's oil and liquefied natural gas flows. This, in turn, pushed crude prices sharply higher.
Since then, oil prices have jumped on escalations of the conflict and fallen on any news of a potential peace deal or reopening of the Strait of Hormuz.
On Monday, oil prices dropped 5% after news that the two countries had agreed to a tentative deal to reopen the strait, with Iranian officials saying the conflict would end on Monday night. The price of Brent crude, the international oil benchmark, has fallen from close to $120 per barrel in late April to around $83 as of 6 a.m. ET Monday.
While the price of fuel is falling in tandem with the broader drop in oil prices, gas is still more than a third more costly than it was before the conflict began.
In some US states, gas prices remain above $5 per gallon. In California, usually the most expensive state for gas, the average price per gallon is $5.74.
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Will Martin is a senior business editor with 10 years of experience in various roles at Business Insider. He works with a team of reporters and editors to cover everything from Big Tech, to the aviation industry, to fast food.Prior to working on the business news team, Will led Insider's sports coverage in the company's London bureau, publishing award-nominated work on alleged gang involvement in elite boxing, deeply-reported features on a civil war in Olympic sport modern pentathlon, and profiles of some of the biggest rising-stars in soccer.Before joining the sports team, Will spent a year as an associate editor on Insider's global news team. Before that, Will worked as a markets and economics reporter for Business Insider for more than three years.During his time with the news team, Will assigned and edited reporting and features on everything from the Boeing 737 Max crisis, to the persecution of Uyghur Muslims in China, to global geopolitics, and even a Barack Obama-themed service station in Ireland.He also personally reported on allegations of illegal mass human organ harvesting in China.Prior to working for Insider, Will gained a BA in International Relations from the University of Exeter, and an MA in Financial Journalism at City, University of London.You can reach him by email on: [email protected]Or via Twitter: @willmartin19
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