Gas prices expected to drop below $4 as Iran peace hopes ease supply fears

cbsnews.com —

U.S. gasoline prices are expected to fall below $4 a gallon for the first time since July, with the national average at $4.06 on Thursday and a dip predicted by next week. The decline is driven by market optimism that midterm elections will pressure the Trump administration to reach a peace deal with Iran, easing conflict-related supply concerns. Oil tanker traffic through the Strait of Hormuz has also increased, and Brent crude fell below $100 on Thursday. Seasonal shifts, including reduced fall travel and cheaper winter-blend gas, are contributing factors. Gas station profit margins are unusually high at 75 cents per gallon, suggesting further price drops are likely.


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