Oil Prices Decline After Brief US-Iran Hostility Pause

Oil prices have retreated following a brief pause in military exchanges between the US and Iran. The development has raised hopes that recent surges in gasoline and diesel prices may begin to ease, despite ongoing costs at the pump.

The national average price for regular gasoline climbed to $4.06 per gallon this week, up nearly 11 cents from a week earlier and almost $1 higher than the same time last year. Diesel prices rose even faster, increasing 17.8 cents to an average of $5.255 per gallon.

Indiana's average unleaded fuel price dropped to $3.49 on July 27, a near-cent lower than Sunday's average but still higher than last week's $3.35 average.