A deal with Iran wouldn’t lower your gas prices anytime soon
By David Goldman
Published on March 24, 2026.
President Donald Trump's decision to abandon Iran's strikes has resulted in a drop in oil prices. Despite this, gas prices are unlikely to significantly lower. The average price of US gas is close to $4 a gallon, and Diesel prices have topped $5 a gallon. Iran needs to open the Strait of Hormuz, which is currently controlled by Iran, as is the United States' current control of the strait. This decision has caused significant economic damage to the world, giving Iran significant leverage in the war. However, the damage to infrastructure, including gasoline refineries and insurance companies, could take weeks to fully restore production. Energy Secretary Chris Wright acknowledged that it wasn't clear who the US should negotiate with.
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