Market Flux Event
US Average Gasoline Price Falls Below $4 a Gallon for First Time in 114 Days
Read this in the Market Flux appThe national average retail gasoline price in the United States dropped to $3.9788 per gallon on November 10, falling below the $4 threshold for the first time since July and ending a 114-day stretch of elevated pump prices. The decline follows a roughly 14-cent drop since Election Day, when the average stood at $4.15 a gallon, and a broader retreat from a peak increase of about 53% above pre-war levels recorded in May.
Despite the relief at the pump, prices remain approximately 30% above pre-war levels, keeping costs significantly elevated on a seasonal basis. Analysts had flagged falling demand tied to seasonal factors and hopes that midterm election results would increase pressure on the US and Iran toward a peace deal as drivers behind the decline in crude and fuel prices in recent weeks.
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Sources
- PiQMarketsTrump says Iran war effectively over; Brent crude falls below $92 Donald Trump said on Monday that Iran "militarily is effectively over" and that renewed US attacks were "highly unlikely," BBC News reported. The US president said there was "positive momentum" behind negotiations to end the Middle East conflict and that the US was "locked and loaded" should circumstances change. Brent crude was more than 1% lower at $91.50 a barrel on Tuesday afternoon in Asia after his comments.
- FirstSquawkUS Oil Prices Decline 2%, With Crude Futures at $85.11 a Barrel
- RedboxWireUS Oil Prices Decline 2%, With Crude Futures at $85.11 a Barrel
- JavierBlasIt is not just crude. Middle East exports of oil refined products (and even LNG) are also rising. It started in late Oct, but has accelerated in early Nov. Every day, Iran loses leverage as it cannot stop the flow via Hormuz and bypass routes. Yes, Iran can escalate. Would it?
- LiveSquawkUS Gasoline Drops Below $4/Gallon For First Time Since July #OOTT
- Crypto BriefingBrent oil falls below $90 per barrel for first time since August
- BusinessUS gasoline dropped below $4 a gallon for the first time since July, offering consumers some relief at the pump, although prices remain significantly elevated on a seasonal basis
- NaeemAslam23🚨 🇺🇸 US GAS PRICES BREAK BELOW $4 AS IRAN WAR FEARS EASE GasBuddy puts average US gasoline near $3.97 a gallon, the first move below $4 in four months. Brent is near $91 and WTI near $85 as hopes of calmer US-Iran relations grow. Drivers gain relief, but oil markets are removing the fear premium before any lasting peace deal. Shipping risks around Hormuz remain, exposing prices to fresh shocks. Cheaper crude hurts oil producers but helps airlines and fuel-heavy firms. Watch Brent near $90: further declines cut business costs, while renewed tanker attacks would reverse the relief.