Gas prices drop amid announcement of preliminary U.S.-Iran deal

Oil markets are responding following an announcement from President Trump that a deal had been reached with Iran.

by Summer Lane | June 15, 2026

Gas prices are beginning to drop following President Trump’s announcement on Sunday that a preliminary deal with the Islamic Republic of Iran had been reached.

According to GasBuddy’s data, the national average has dropped 52 cents from one month ago, with average gas prices tumbling in at least 47 states over the past week. Following the announcement of a potential peace deal with Iran, the national average fell below $4 per gallon.

“The decline came as oil prices moved sharply lower in reaction to news of a potential deal between the United States and Iran, though it remains to be seen whether the agreement will hold,” said Patrick DeHaan, the head of petroleum analysis at GasBuddy.

He continued, “A handful of price-cycling states saw averages jump before joining the broader downward trend. The real test now shifts to the Strait of Hormuz, where any reopening and resumption of normal oil flows would be the clearest signal that this relief is durable.”

As reported by LindellTV, marine traffic through the Strait of Hormuz has been spotty over the past week, but could soon increase if a concrete deal with Iran is indeed signed by Friday, as the president has suggested.

The president also announced that the U.S. Naval blockade on the Strait of Hormuz had been lifted – a key step in freeing up the flow of energy through the shipping corridor. This likely contributed to easing some volatility in the oil markets, which have been rocked and rolled since the Iran war was launched on February 28.

According to The New York Times, the price of Brent crude dropped to roughly $83 per barrel (a five percent decline), and West Texas Intermediate Crude fell to $81.

GasBuddy’s data on Monday reported that the U.S. median price of gas is $3.81 per gallon, with the lowest prices in states like Indiana, Texas, and Oklahoma. The highest prices for gas, perhaps unsurprisingly, were in California, Hawaii, and Washington, which all topped $5 per gallon.

Photo: Pixabay