Gas prices fall to $4.17 as Iran talks progress

The average price of a gallon of regular petrol in the United States stood at $4.17 on Monday. This figure is down 12 cents from the previous week and 23 cents from a month earlier, according to data from the American Automobile Association. While prices have retreated from recent peaks, they remain well above levels seen before the conflict with Iran began.

The decline in pump prices coincides with renewed diplomatic efforts to end the war involving the United States, Israel, and Iran. Oil markets reacted to these developments, with crude prices dropping 6 percent on Monday. This movement followed in-person negotiations held in Qatar over the weekend. Patrick De Haan, head of petroleum analysis at GasBuddy, noted that Trump’s preference for negotiation over new strikes pushed oil down by roughly 5 percent.

De Haan predicted that wholesale prices could lead to a national average falling below $4 per gallon within the next week, provided the diplomatic course holds. Despite the recent dip, the average price for the second term of President Donald Trump is set to exceed $3.46 per gallon. A Financial Times analysis of federal data indicates this figure surpasses the previous record set under former President Joe Biden.

Diesel prices remain elevated, currently standing at $6.29 per gallon. This level is down 6 cents from last week but remains above the $6 mark that was first breached in September. Diesel prices previously peaked at $6.53. The high cost of living continues to dominate voter concerns ahead of the midterm elections. An Associated Press-NORC poll found that 89 percent of Democrats and 78 percent of Republicans view addressing cost-of-living issues as a priority for Congress.

White House spokesperson Taylor Rogers told Al Jazeera that gas prices would drop drastically once the conflict ends. Rogers argued that protecting national security from Iran was the correct action. She stated that more oil is now flowing from the Persian Gulf than before the conflict began, crediting the US military for this outcome.

Stock market trading on Monday reflected mixed signals for the energy sector. Shares of major oil and gas companies trended downward in midday trading. ConocoPhillips fell 3.7 percent, Chevron dropped 2.3 percent, and ExxonMobil declined 3.3 percent. Meanwhile, major US stock indices finished in positive territory, with the Nasdaq up 0.7 percent, the S&P 500 up 0.6 percent, and the Dow Jones Industrial Average up 1 percent.