Business Standard
After US President Donald Trump and Iran's foreign minister said the Strait of Hormuz was fully open to commercial vessels after almost seven weeks of war, oil prices plunged 10 per cent and the stock market rallied Friday. Motorists, hoping for relief at the pump, wondered how quickly gasoline prices might fall once oil tankers stuck in the Persian Gulf were moving again. A gallon of regular gasoline cost USD 4.08 on average in the US Friday, which was 37 per cent more than before US and Israel attacked Iran but down a few cents from a week ago. But when gas prices spike, they do not typically drop as quickly as the cost of crude. Even if Iran keeps the waterway open in the face of a US blockade of its vessels, it still could take months for fuel prices to return to levels resembling those enjoyed before the war began February 28, energy experts said. The slow speed at which oil tankers travel from ports to refineries, lingering security concerns, traffic in the strait and damage t
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