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Gas Prices Set to Drop After US-Iran Hormuz Deal Signed
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Gas Prices Set to Drop After US-Iran Hormuz Deal Signed

  • WooGlobe - News
  • Jun 16, 2026
  • Jun 16, 2026 Updated 2 hrs ago
  • 0
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American motorists are expected to see significant relief at the pump following the announcement that the United States and Iran have reached a preliminary deal to reopen the Strait of Hormuz, through which approximately 20 per cent of the world's oil supply transits. The ceasefire, announced June 15 and set to be formally signed June 19, would end the mutual naval blockade that has spiked global energy prices and increased American gasoline costs by an estimated $0.60 to $1.10 per gallon since the Iran conflict began in February 2026. Oil futures markets reacted immediately, with Brent crude dropping over 5 per cent on the announcement. Economists warn the 60-day negotiating window must produce results or prices could surge again. WooGlobe Ref : WGA337699

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