Strait of Hormuz Reopening: When Will Gas Prices Go Down?

President Donald Trump said Iran would reopen the Strait of Hormuz on Friday, signaling potential relief for American consumers who have been dealing with higher gas prices amid the Iran war.

Gas prices surged to more than $4 per gallon after the United States and Israel launched strikes against Iran in February and amid the closure of the Strait of Hormuz, a critical passageway for the global oil supply. Trump's announcement on Friday quickly prompted shifts in oil markets that could signal lower prices for motorists.

Oil prices fell more than 13 percent on Friday after Trump's announcement. Brent crude, the international standard, dropped 13.4 percent to $86.11 per barrel, though that is still higher than the $70 per barrel from before the war.

Patrick De Haan, head of petroleum analysis at GasBuddy, said during a discussion on the Over the Barrel podcast that there has already been a national decline in gas prices and that it may continue.

"By this weekend, the good news is that we might start to see the three-handle reemerge, at least for the national average. We’re only a nickel away," he said.

He said he believes national gas prices could drop below $4 per gallon by Sunday afternoon.

"The current trajectory, we could get down to 365 to 385 for gasoline in the next week or two," he said.

This article includes reporting by The Associated Press.

This is a breaking news article. Updates will follow.

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This story was originally published April 17, 2026 at 12:18 PM.