Diplomatic efforts between Washington and Tehran are bringing positive signals for Americans, as gasoline prices have continuously decreased in recent weeks.
Trump and experts state over 100 million barrels of crude oil successfully navigated the Strait of Hormuz, but it is still insufficient to ease shortages.
Expectations of a peace agreement between the US and Iran, which could lead to the reopening of the Strait of Hormuz, have caused Brent crude oil prices to experience their steepest decline since 2020.
Brent and WTI oil prices dropped 6-7% in the first session of the week, driven by investor optimism that the US and Iran are nearing a peace agreement.
International Energy Agency (IEA) director Fatih Birol stated oil inventories are rapidly depleting as the world enters a new planting season and summer travel period.
The US energy secretary affirms the administration is "open to all ideas" that could reduce gas prices for citizens, including a temporary suspension of the gas tax.
