finance
WTI Crude Drops Over 11% to $90 on Reports of U.S.-Iran Preliminary Agreement
ZeroHedge reported WTI futures plunged more than 11 percent following Axios reports of a preliminary U.S.-Iran agreement to end the war. National gasoline averages reached $4.50 per gallon as of Wednesday morning, the highest since July 2022, while the Trump administration seeks resolution ahead of Memorial Day weekend.
May 6, 9:40 AM·1m read1 source
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U.S. is nearing a preliminary agreement with Iran to end the war. 50 a gallon as of Wednesday morning, according to AAA.
This level is the highest since July 2022. California gasoline prices are above $6 a gallon. President Trump said he expects the price of gasoline to drop substantially following the end of the US-Iran war.
He added, "They can't do much with it because they got kidnapped by a pretty evil place. " Last week President Trump said pump prices would come crashing down as soon as this war is over. GasBuddy analyst Patrick De Haan warned that the $5-a-gallon threshold is typically the "shock and awe" level that triggers demand destruction.
50 a gallon. Lower crude prices typically take a few weeks to work through wholesale markets, inventories, distribution networks, and retail outlets before meaningful declines appear at pump stations.
U.S. Driving periods of the year after Thanksgiving. The Trump administration is pushing hard for a near-term Iran resolution ahead of Memorial Day weekend.
