Gas prices fall for third week but remain above $4 a gallon

Gas prices in the US have fallen for three straight weeks, easing some pain at the pump. AAA data showed the national average for a gallon of regular was $4.12 at the time of the group's release, down from a May high of $4.56; by Monday morning the average had fallen a further 1.5% to $4.06, delivering some relief to drivers during the busy summer travel season.

Prices had surged from under $3 in February after the start of the US-Iran war. The conflict led to the closure of the Strait of Hormuz, a waterway through which about 20% of the world’s oil and liquefied natural gas flows, sharply tightening supply and pushing crude prices higher.

Oil has moved with developments in the conflict. On Monday oil prices dropped 5% after news of a tentative deal to reopen the strait, with Iranian officials saying the conflict would end that night. Brent crude fell from close to $120 per barrel in late April to around $83 as of 6 a.m.

United States, Strait of Hormuz

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