Arabic version: انخفاض أسعار البنزين في الولايات المتحدة قبل محادثات السلام المحتملة

US petrol prices have begun to ease, with the average price falling to $3.86 per gallon on Monday. This marks a notable decrease from a mid-May peak of $4.48, according to the American Automobile Association (AAA). The decline in prices follows President Donald Trump’s announcement regarding the reopening of the Strait of Hormuz, which is a critical passage for global oil exports.

According to Al Jazeera, the ongoing tensions between the US and Iran have created uncertainty in oil supply chains. Recent clashes, including an Iranian strike on a cargo ship, have raised concerns about potential disruptions in the Strait of Hormuz. However, the renewed diplomatic efforts seem to have prevented a significant spike in oil prices, which increased by more than one percent on Monday due to the latest attacks.

Despite the drop in petrol prices, analysts caution that the situation remains unpredictable. Patrick De Haan, head of petroleum analysis at GasBuddy, noted that the recent agreements to halt hostilities were crucial in avoiding a more substantial surge in oil prices. The potential for further fluctuations remains high as both sides navigate the complexities of the ongoing conflict.

Analysts from EverCore ISI Research have indicated that even if a peace deal is reached, it may take several months for prices to stabilize at pre-war levels. This is compounded by the fact that the US Strategic Petroleum Reserve is at its lowest level since the Reagan administration, leading to a reliance on domestic inventories.

Despite these challenges, oil companies continue to operate. For instance, on Monday, Saudi Aramco loaded a ship that can carry two million barrels, indicating ongoing activity in the oil market. The balance of supply and demand will be closely watched as the situation develops.