Iran ceasefire may bring gasoline relief by Friday, analyst says

Chuck McCutcheon

Illustration of a hand resembling President Trump's putting gas in the gas tank with an American flag nozzle — Illustration: Sarah Grillo/Axios. Stock: Getty Images

Gasoline prices could start reversing nationally in the next two days by dropping a few cents daily, GasBuddy head of petroleum analysis Patrick De Haan said Tuesday night.

Why it matters: Average U.S. gas prices have climbed more than 70 cents over the past month due to the Iran conflict, presenting a worsening political headache for President Trump.

But crude oil prices plummeted sharply after Trump said the U.S. agreed to a two-week ceasefire with Iran that Pakistan had proposed.

State of play: The national average for gas is currently $4.14 a gallon, per AAA.

It could fall below below $4 gallon within one or two weeks, De Haan said on X Tuesday evening after the ceasefire was announced.
Diesel prices "may lag slightly," De Haan said, but added that diesel is no longer likely to reach a record.
The average diesel price stood at $5.646 on Tuesday, edging closer to the all-time high of $5.816 set in 2022.

What we're watching: De Haan said in a subsequent X post that "these levels are tentative based on current markets, changes are highly likely as the situation unfolds."

Go deeper: How a new energy order could emerge from the war

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Iran ceasefire may bring gasoline relief by Friday, analyst says

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