Washington, May 7 -- Even if the US and Iran manage to eventually reach a peace agreement - which is considered highly uncertain - US consumers are unlikely to see gasoline prices return to pre-war levels anytime soon.
According to energy analysts, while a diplomatic breakthrough between Tehran and Washington could help reopen shipping routes, the damages caused by the disruption on global oil markets from the blockade will take months, if not possibly more than a year, to fully reverse.
According to AAA, the average price for crude, and regular gasoline in the US stood at $4.54 per gallon on Wednesday, up sharply from just under $3 before the war began earlier this year.
Energy analysts broadly agree that while prices would fall if the ...