India, July 4 -- Gasoline prices in the US have started coming down after the US and Iran reached an interim peace agreement that reopened the Strait of Hormuz, a key global oil shipping route. However, experts say prices are unlikely to return to the pre-war level of around $3 per gallon anytime soon. Even though crude oil prices have dropped, there are many other reasons why gasoline remains expensive.

Before the war between the US, Israel and Iran, the average US gasoline price was about $2.98 per gallon, according to AAA. After the conflict began, prices climbed rapidly and reached $4.56 per gallon by May, making it one of the fastest increases ever recorded. The spike in fuel prices also pushed inflation higher because transportatio...