When President Donald Trump announced the ceasefire with Iran and the reopening of the Strait of Hormuz on Tuesday, the oil market immediately reacted, showing a sharp drop in the price per barrel, while regular gas prices have been slower to adjust to the news.
Immediately following news of the ceasefire brokered between the United States and Iran, oil prices plummeted over 18%. Fluctuating since Tuesday, oil prices have largely stayed under $100 per barrel since the ceasefire news, hovering around that price on Thursday morning.
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