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By Andrew Stanton
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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.
Why It Matters
Roughly 20 million barrels of oil per day, about one‑fifth of global petroleum consumption, normally pass through the strait, according to U.S. Energy Information Administration data. Its closure amid the Iran war has put new pressure on global oil markets, leading to higher prices both globally and in the United States. Gas prices have also become a political vulnerability for Trump, who campaigned on tackling affordability and inflation, and Republicans ahead of the midterm elections.
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When Will Gas Prices Go Down? What To Know
Oil prices fell more than 13 percent on Friday after Trump’s announcement. Brent crude, the international benchmark, dropped 13.4 percent to $86.11 per barrel, though it is still higher than the $70 per barrel level from before the war. Oil futures have also fallen about 10 percent on Friday.
Scott Laing, a professor of finance at the University at Buffalo, told Newsweek that the strait’s reopening is “not going to be some light switch” for gas prices.
“It’s going to take months for us to see a lowering of the prices at the pump, if not a full on year to get it to where we were before the war began,” he said.
It will take at least five weeks for oil tankers at the Strait of Hormuz to reach the United States, where crude oil will still need to be unloaded, refined and sent to gas stations across the country, he said.
“At best, we’re talking six to eight weeks to start to see some type of slight decline in prices at the pump,” he said.
Transportation is also a “gamble” for shipping companies right now because of the ongoing fragility of the situation in the Middle East, he said.
“We have a lot of reports about mines being placed all throughout the Strait of Hormuz," he said. "And then you get into that gamble, if you're a shipping company or you're the captain of an oil tanker, do you try to brave that water that might have explosives and mines? And if at any given moment, there could be a tweet that goes out where the war resumes and peace talks are off. You are probably going to second guess relaunching your ship to try and transport those goods, even though there's incredible demand for it.”
Insurance costs will also remain “immense,” he said.
Ryan Kellogg, faculty director of the MS in Climate and Energy Policy at the University of Chicago, told Newsweek the big question for how far prices drop is “whether shipping traffic through Hormuz really does get going again, and whether the cease fire holds and turns into a durable peace agreement.”
“We are also not far away from the start of the ‘summer driving season’ when fuel prices typically add a few cents per gallon from the increased driving demand,” he said.
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. He said he believes national gas prices could drop below $4 per gallon by Sunday afternoon.
“The current trajectory, we could get down to 3.65 to 3.85 for gasoline in the next week or two,” he said.
De Haan noted there will be several weeks before ships reach their destinations, but the announcement of the reopening does provide “immediate relief” that markets are responding to.
“It’s going to take many weeks for catch-up to happen. I’ve been saying for every day, it’s going to need at least a week to catch up. We’re at 47 days of this, so we’ve seen a lot of damage,” he said.
Markets also reacted positively to the reopening. The Dow Jones Industrial Average climbed about 2 percent on Friday. Rising fuel costs have a ripple effect on the global economy and can cause inflation, as shipping becomes more expensive. This can have a broader chilling effect on the economy as a whole**.**
A Bureau of Labor Statistics (BLS) report on inflation found that gas prices rose 21 percent in March, the largest monthly increase since 1967. White House spokesperson Kush Desai wrote on X following its release that Trump has “always been clear about short-term disruptions as a result of Operation Epic Fury, disruptions that the Administration has been diligently working to mitigate.”
Trump and other White House officials have sought to address concerns about gas prices.
Trump told Fox Business Network's Maria Bartiromo on Wednesday that he believes energy prices could drop by the midterm elections in November. He said he believes the spike in oil prices is justified to prevent Iran from obtaining a nuclear weapon and that he expected oil prices to be higher.
"If you told me we were going to be at only $92 a barrel—$92 a barrel—I would have been very surprised," the president said. "I am very happy, and it is going to come dropping down very big as soon as it's over."
Treasury Secretary Scott Bessent said this week he is “optimistic that during the summer, we will see gas with a ‘3’ in front of it sooner rather than later.”
Energy Secretary Chris Wright said this week during the Semafor World Economy Forum that summer would be an "aggressive time frame" to expect gas prices to drop to $3 per gallon.
US Gas Prices on Friday
Gas prices averaged $4.076 per gallon on Friday, April 17, according to AAA data. That is a decrease from Thursday, when gas prices were $4.093 per gallon and one week earlier, when the average was $4.153 per gallon. However, it is still higher than a month earlier, when gas cost $3.790 per gallon, and a year earlier, when prices were $3.167 per gallon.
California remained the state with the highest average gas price at $5.856 per gallon, according to AAA data.
Has Iran Opened the Strait of Hormuz?
Trump on Friday wrote on Truth Social that the Strait of Hormuz is “fully open and ready for full passage.”
Iranian Foreign Minister Abbas Araghchi also confirmed its opening in a post on X.
"In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," Araghchi wrote.
What Is the Purpose of the Strait of Hormuz and Why Is It Important?
The strait lies between Iran to the north and Oman to the south, with shipping lanes passing through the territorial waters of both countries, but the strait is governed by international maritime law. Iran exerts significant influence because of its long northern coastline and control of nearby islands overlooking the narrow lanes, while Oman oversees the southern side.
The waterway is also a critical route for liquefied natural gas (LNG), carrying about 20 percent of global LNG trade, largely from Qatar. Most of the oil shipped through the strait is bound for Asian markets, making disruptions especially significant for global energy prices.
Ceasefire Deal Explained
The announcement comes amid a temporary, fragile ceasefire in the Iran war. The U.S. and Iran entered a ceasefire earlier in April, though it is set to end on Tuesday barring any extension. Israel and Lebanon have also entered a 10-day ceasefire this week. The strait's reopening window to move thousands of stranded sailors out of the Persian Gulf before the truce expires next week, according to Iranian officials.
Roughly 2,000 ships and an estimated 20,000 sailors have been stuck in and around the chokepoint for weeks, carrying nearly 21 billion liters of oil.
Iran initially imposed a partial blockade on commercial traffic, sharply restricting movement and sending global oil prices soaring. The U.S. then implemented its own blockade on Monday, prompting at least 13 vessels to reverse course, General Dan Caine, chairman of the Joint Chiefs of Staff, told reporters.
Tehran now says it will allow only non‑military vessels to pass and only along designated routes approved by Iranian naval forces, a senior military official told state media on Friday.
This article includes reporting by The Associated Press.
Update 4/17/26, 1:27 p.m. ET: This article was updated with additional information.
Update 4/17/26, 2:42 p.m. ET: This article was updated with additional information.
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