William Mao puts fuel in his vehicle at a gas station on April 06, 2026 in Miami, Florida. Florida gas prices have risen to over $4 per gallon in early April 2026 as the war in Iran has affected global oil supplies, leading to higher crude oil costs. …
News of the temporary ceasefire between the United States and Iran immediately sent oil prices tumbling. Within minutes of President Donald Trump announcing an agreement had been reached, crude oil prices had fallen below the $100 mark.
What we know:
About an hour after the announcement, the price of oil had dipped all the way into the $91/barrel range before working its way back up. As of 9 p.m., crude oil was trading around $97/barrel, which was still a $20 drop from its intraday-high.
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What we don't know:
Whether the reopening of the Strait of Hormuz and the two-week ceasefire mean oil can stay below $100 remains to be seen. Prices could spike again as quickly as they fell if the situation changes.
RELATED: What to know about the Strait of Hormuz—and why it matters
Why you should care:
The big question that will be on the minds of drivers will be whether this decline, if it holds for any amount of time, will translate into any relief at the pump. While gas prices have a long way to go to reach their pre-war levels, AAA numbers show they still rose another 14 cents per gallon in the past week, a period that roughly coincides with this latest surge.
The backstory:
On Tuesday evening, Trump announced the U.S. would suspend attacks on Iran for two weeks. As part of the ceasefire deal, Iran agreed to a complete reopening of the Strait of Hormuz, one of the world’s most important shipping lanes, during that time. Trump also indicated that the U.S. has received a 10-point peace plan from Iran and that it offered a workable basis for a long-term deal.
The Source: Information for this article was taken from MarketWatch. This story was reported from Orlando.