economy

Will the Iran ceasefire quickly ease U.S. gas prices? Here's what experts think.

Updated on: April 9, 2026 / 10:49 AM EDT / CBS News

Will the Iran ceasefire quickly ease U.S. gas prices? Here's what experts think.

TL;DR

  • Gas prices may start dropping soon, but significant relief could take a couple of weeks.
  • The national average for regular gas is currently $4.16 per gallon.
  • Any drop in gas prices could quickly reverse if the ceasefire deal falters.
  • Global oil prices have fallen but remain significantly elevated.
  • The situation in the Strait of Hormuz, crucial for oil shipments, remains tenuous.
  • Experts predict gas prices could settle around $3.75 a gallon if oil prices stabilize.
  • Prices are not expected to return to below $3 per gallon for some time.