New Delhi, June 18 -- The US-Iran initial agreement primarily affected global crude oil prices, which fell sharply after markets anticipated the reopening of the Strait of Hormuz, the easing of sanctions on Tehran, and the return of Iranian oil exports.

While Oil prices fell more than 3 percent on Thursday to ‌their lowest since the first trading day of the Iran war (Crude oil dropped below $75 per barrel), US gas prices fell below $4 a gallon on average. It is the first time since March that the average cost for a regular gallon has been that low, the Associated Press reported.

Gas prices are at $3.999 on average in the US, according to motor club AAA. The drop below $4 follows a 15 percent decline in the price of US crude this m...