Oil Prices Drop as Iran Announces Strait of Hormuz Open During Ceasefire
Oil prices fell after Iran announced the Strait of Hormuz is open during the ceasefire between Israel and Lebanon, potentially easing supply concerns and lowering gas prices. However, gasoline prices remain high, with a 21.2% month-over-month increase in March, and the national average for regular gasoline is above $4 per gallon.
Topics: CPI data gas prices global supply trends Iran oil prices Strait of Hormuz