US gasoline prices fall on Hormuz opening, remain elevated against pre-war levels

US gasoline prices all shifted weaker upon news of a ceasefire and reopening of the Strait of Hormuz April 17. However, despite the drop, values remained elevated when compared to pre-war prices.

While the announcement that Iran would open the integral shipping route lifted hopes that global oil supply would return to normal, the deal remained fragile and sides are still negotiating a comprehensive peace agreement.

Analysts warned that prices would continue to be volatile until a longer-term deal is reached and vessel traffic remains steady.