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national average gas price has slipped back below $4 a gallon, according to AAA, as an extended ceasefire between the United States and Iran opens a path toward restoring oil traffic through the Strait of Hormuz.
At $3.9990 a gallon, prices remain well above the $3.1880 average recorded a year ago, but the directional shift marks the first meaningful relief American drivers have seen after months of elevated pump costs driven by Iran's disruption of global oil shipping.
Crude prices fell in June to their lowest levels in over three months as markets priced in the ceasefire deal.
A Ceasefire, Not a Cure The extended U.S.-Iran agreement is designed to reopen the Strait of Hormuz — the chokepoint whose closure battered the global economy — and the crude market has responded.
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