Gas prices dip below $4 as Strait of Hormuz deal opens shipping lanes

Gas prices in the U.S. fell to an average of $3.99 per gallon, slipping under $4 for the first time in months after a memorandum signed by Trump and Iran signaling the Strait of Hormuz could be opened to commercial traffic and the blockade on Iranian ports lifted. While the move could ease some energy costs, analysts warn it will take time to restore normal shipping through the strait and to translate into sustained price relief.