Iran-Oman Deal May Have Dented Hopes for Lower Oil Prices
According to GasBuddy analyst Patrick De Haan, a potential deal between Iran and Oman may have dented hopes for lower oil prices. The proposed agreement would reopen the Strait of Hormuz with tolls, which could limit supply and drive up costs.
In a post on X, De Haan described the Iran-Oman deal as 'less than optimal' and said it was 'dimming hopes' for falling prices. Oil prices, along with spot refined prices, surged following reports of the agreement, offsetting some of the dip seen from Monday to Wednesday.
Despite the uncertainty, De Haan predicted that relief is 'on the way for both', suggesting that the national average gas price will continue to fall below $4. As of Thursday, the national average was $4.0633 per gallon, down from $4.0801 on Wednesday.